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Last quarter, we had almost a 22% kind of upgrade in the estimates for ABB India. So, I would say yes, valuations have inched up because they are pricing in optimism and growth, up cycle growth, which typically happens 25% kind of CAGR in revenues, 30% CAGR in earnings.
StockEdge has reported on nine stocks that are currently trading in the overbought zone but have a bearish or declining RSI trend. RSI, or Relative Strength Index, is a widely used technical tool that measures a stock's strength and momentum. Readings above 70 indicate that a stock is overbought, while readings below 30 suggest that a stock is oversold.
Indian markets ended on a positive note as Sensex surged by 502.01 points and Nifty 50 closed at a new high. IT stocks performed well despite muted Q1 earnings. Top gainers included TCS, Infosys, and Tech Mahindra. Top losers included M&M and Power Grid.
Over 50 stocks have been identified as overbought by the Relative Strength Index (RSI), a technical analysis tool used by investors to gauge market trends. When the RSI rises above 70, the stock may be overbought, suggesting a potential correction. Data from July 13 shows 10 stocks in the overbought zone, including Tejas Networks, Indian Bank
BSE Sensex surged more than 502 points, or 0.77 per cent, to end at 66,060.90, while NSE's Nifty50 gained 150.75 points, or 0.78 per cent, to close at 19,564.50 for the day.