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The stock market showcased significant movements as several stocks rose above their 100-day Simple Moving Average (SMA) on August 28, a pivotal technical indicator.
Fifteen stocks were found to be trading with Relative Strength Index (RSI) trending down, according to a report by StockEdge. From this group, ETMarkets has selected 10 stocks that are currently trading in an overbought zone. The RSI is a commonly used technical analysis tool that assesses the magnitude and speed of price changes in a security
FIIs also raised their stake in Sheela Foam, Tata Coffee, Akzo Nobel India, BASF India, Datamatics Global Services, Garden Reach Shipbuilders & Engineers, PSP Projects, Honda India Power Products and Hindustan Copper during the same period.
Stocks to watch out for today: Tata Consumer, Apollo Tyres, BASF India, Indian Overseas Bank, InterGlobe Aviation, Keystone Realtors, Inox Green Energy, Voltamp Transformers, IIFL Wealth Management, HEG, Can Fin Homes, Fino Payments Bank and more
B&K Securities is bullish on select stocks from the chemical space, which has already produced over 50 wealth creators in the past five years. The brokerage has a 'Buy' call on players such as SRF, BASF India, Gujarat Fluorochemicals, Aarti Industries and Atul Ltd. Historical data showed that Jyoti Resins & Adhesives emerged as the top gainer in the sector with a gain of over 5,800 per cent since October 2017. Shares of the company climbed to Rs 1,417.70 on October 3, 2022 from Rs 23.75 on October 3, 2017.