BSE, 3 other overbought stocks trading with RSI above 70 (2024)

Investors and traders often turn to various indicators to navigate the dynamic world of stock markets. One such crucial indicator is the Relative Strength Index (RSI), which helps gauge the momentum and overbought or oversold conditions of a stock. In this article, we'll delve into RSI, its significance in assessing stock movements, and explore four stocks currently trading in the overbought zone.

The Relative Strength Index (RSI) is a valuable momentum oscillator that measures the speed and change of price movements. RSI values typically range from 0 to 100. An RSI above 70 is often considered overbought, signaling that the stock might be due for a pullback. Conversely, an RSI below 30 indicates that the stock may be oversold and could see a rebound.

RSI is a crucial tool for investors and traders because it helps identify potential entry and exit points. When assessing overbought stocks, investors must consider the potential for a price correction.

Exploring Overbought Stocks:On October 23, Monday, StockEdge reported that four stocks were trading in the overbought zone. ETMarkets has identified these stocks:

1) BSE Ltd.

RSI: 86.79

Previous RSI: 82.35

2) Prestige Estates Projects Ltd.

RSI: 75.85

Previous RSI: 75.41

3) Bombay Burmah Trading Corporation Ltd.

RSI: 75.66

Previous RSI: 75.18

4) CreditAccess Grameen Ltd.

RSI: 72.75

Previous RSI: 56.27

Data pertaining to stocks trading in an overbought zone on October 25, Wednesday, will be updated after market hours.

(You can now subscribe to our ETMarkets WhatsApp channel)

(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)