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The Relative Strength Index (RSI) is a powerful technical indicator that gauges the speed and change of a stock’s price movements. It operates on a scale from 0 to 100 and is employed to determine if a stock is overbought (typically above 70) or oversold (typically below 30). RSI helps investors understand the momentum and direction of stock prices, making it a vital tool in decision-making.
RSI is a key instrument for investors in evaluating stock movements. By indicating overbought or oversold conditions, RSI offers insight into potential price reversals, helping investors manage risk and make more informed trading decisions.
On October 20, Friday, data from StockEdge revealed that 21 stocks were trading in the overbought zone. Out of these, we’ve handpicked five stocks, shedding light on their overbought status and RSI readings:
1) Angel One Ltd.
RSI: 79
Previous RSI: 72.86
2) Bajaj Auto Ltd.
RSI: 77.03
Previous RSI: 76.85
3) Multi Commodity Exchange Of India Ltd.
RSI: 76.35
Previous RSI: 69.73
4) Kalyan Jewellers India Ltd.
RSI: 75.58
Previous RSI: 79.23
5) Prestige Estates Projects Ltd.
RSI: 75.41
Previous RSI: 73.75
Data concerning stocks in the overbought zone on October 23, Monday, will be updated later today.
(Disclaimer: This is an AI-generated article. Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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