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
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