Top Nifty 500 stocks with RSI in overbought and oversold zones

List of top 10 Nifty 500 stocks having RSI in overbought and oversold zones.

Nifty 50 today shrugged almost 0.56 per cent or 100 points. In fact, on a 5-minute time frame, Nifty 50 is forming lower highs and lower lows from the past two trading sessions. Nifty 50 on a timely basis has shown how crucial are 18,210-18,604 resistance levels. This means if Nifty 50 breaks these levels, then it would invite further bullishness. That being said, Nifty 50 takes good support on its 50-Day Exponential Moving Average (EMA).

At present, it makes more sense to have a stock-specific view rather than taking investment decisions based on the overall market. To screen stocks, checking momentum indicators would definitely prove to be of great help. One of the most popular and widely used momentum indicators in the technical analysis fraternity is the Relative Strength Index (RSI).

RSI is an indicator that helps you measure the magnitude of recent changes in price in order to evaluate overbought or oversold situations. RSI is usually displayed as a line graph on a scale of 0 to 100 which moves between two extremes. It is believed that stocks with an RSI of 70 or above suggest overbought or overvalued conditions and probably signal for a trend reversal or correction. On the flip side, an RSI of 30 or below suggests an oversold or undervalued situation.

Here is the list of the top 10 stocks with RSI in overbought and oversold zones.