CSEC Research: Overbought & Oversold large cap Trading Ideas

Based on recent developments CSEC Research highlight Overbought & Oversold large cap trading ideas.

Overbought Stocks:

*  Adani Ports

Adani Ports has made a new high of Rs.343, is showing signs of weakness in short-term. The daily RSI is in the overbought territory. The immediate support is  placed at Rs.305.

*  Kotak Bank

Kotak Bank has spiked up sharply and has made a new high of Rs.1387. Given the daily RSI is showing negative divergence in the overbought zone, we can anticipate profit booking and the next support is placed at Rs.1240 levels.


Oversold Stocks:

*  Bajaj Auto

Bajaj Auto after making a high of Rs.2700 is currently on a steady decline. The stock is approaching a significant support at Rs.2300 levels. 

Given that the daily RSI is in extremely oversold territory and good support at Rs.2300, we do anticipate a bounce from this support level.

*  ITC

ITC ltd has been on a short term decline and is approaching a significant support range at Rs.340 - Rs.350 levels.  

The daily RSI is exiting the oversold territory. We anticipate a bounce upwards from  the aforementioned support levels.

Src: CSEC Research
Cholamandalam Securities Limited
Member: BSE,NSE,MSE
Regd. Office: Dare House,
2 (Old) No 234 N.S.C Bose Road,
Chennai – 600 001.
Email id – customercarewm@chola.murugappa.com

CIN U65993TN1994PLC028674

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