Shares of several Indian companies surged since the results to the Lok Sabha elections 2024 were announced in early June, with many entering overbought territory amid buoyant investor sentiment.
Equity markets recovered from the sell-off on counting day, rising to fresh records. Prime Minister Narendra Modi securing a third stint in office has been perceived as positive for economic stability and growth, driving market buying.
If the relative strength index of a stock is above 70, it indicates that the share is overbought and may be due for a correction.
Here's a list of the top Indian companies listed on the National Stock Exchange whose RSI has been over 70, according to Bloomberg data. The period considered is between June 4—the day election results were announced—and June 24.
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