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Delve into the intriguing interplay between stock trends and Relative Strength Index (RSI) readings as we explore a unique subset of the market. This article dives deep into the fascinating world of stocks trading in the overbought zone with bearish RSI trends. We analyse the RSI movements of 10 carefully selected stocks, providing investors with insights into the potential dynamics at play.

The Nifty Auto index closed 0.93 per cent up at 15486.2.

On August 9, Trendlyne reported that over 40 Nifty 50 stocks had witnessed the formation of the Golden Crossover. Among these, ETMarkets has carefully selected 10 stocks to explore this pattern and delve into its significance.

The company said its flagship hair oil brand Almond Drops registered growth of 9 per cent, which was distributed across packs in Q1, while the coconut and amla portfolio continued to scale up as planned with an increase in market share.

The RSI is a versatile momentum oscillator that plays a key role in evaluating the speed and direction of price movements. Ranging from 0 to 100, RSI helps investors identify both overbought and oversold conditions. An RSI reading above 70 indicates that a stock might be overbought, potentially setting the stage for a price correction, while an RSI below 30 suggests an oversold condition with potential for an upward reversal

Investors can bid for 76 shares in one lot and in multiples thereafter. About 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors

​Typically, RSI is a momentum indicator used in the technical analysis of stocks and helps to determine the overvalued or undervalued state of the security.​

Investors continued to book profits in largecap funds, as this category saw net outflows for the third straight month in July. The net inflows last month were Rs 1,880 crore, compared to outflows of Rs 2,049.6 crore in June.

Standalone Q1 profit growth was reported at 39% aided by favourable raw material costs and operational efficiencies. The profit after tax (PAT) for the April-June quarter stood at Rs 326 crore versus Rs 234 crore in Q1FY23. Standalone Q1 net sales at Rs 2740 crore, up 10%, with high double-digit volume growth led by a healthy uptick across urban and rural markets, the exchange filing said.

From the Sensex pack, JSW Steel, Tata Motors, and M&M were the top gainers, rising 2-3%. Adani Wilmar shares closed 4% lower, following the report that Gautam Adani is considering selling stake in the firm