"Profit-booking was observed in August, with the bears dominating the market. Following the stunning run in recent months, the majority of short-term technical indicators had previously indicated that the markets will experience a period of momentum loss and exhaustion. As a result, it did not come as a surprise to investors looking for ways to profit from the upswing."
Drawing data from StockEdge and insights from ETMarkets, we shed light on 11 stocks trading in the overbought zone while exhibiting a bearish or declining RSI trend. Learn why RSI is a vital tool for investors and gain insights into these selected stocks for informed decision-making.
Insecticides (India), a leading agrochemicals company, showcased impressive market performance by crossing its 100-day SMA at Rs 457.99, with a closing price of Rs 464.55 on August 3.
Stocks that were in focus include names like Tata Steel, which rose 3.12%, TVS Motor, which gained 5.86%, and DCM Shriram, whose shares fell 6.38% on Tuesday.
Tata Steel s consolidated net profit fell 92% year-on-year to Rs 634 crore for the first quarter ended June. Revenue from operations declined 6% to Rs 59,490 crore.