Vijay Kedia reduced stake in two smallcaps, namely Tejas Networks and Elecon Engineering Company during the September quarter by 12 bps and 18 bps, respectively. Kedia publicly holds 15 stocks with a net worth of over Rs 1,404.1 crore.

HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank and Kotak Bank were the key counters dragging the BSE Sensex.

Tejas is the sole supplier of optical networking and broadband products to FibreConnect, a wholesale telecom infrastructure player in Italy, which rolled out broadband services recently

On September 18, Monday, StockEdge identified 32 stocks with declining Relative Strength Index (RSI). ETMarkets examines the importance of RSI and spotlights 10 of these stocks to provide valuable insights for investors.

Tata Consultancy Services (TCS) is looking to promote its locally developed 5G radio network gear in overseas markets, particularly in the US. TCS Chief Operating Officer NG Subramaniam stated that the N78 5G radios designed by Tejas Networks may be qualified for global 5G opportunities, including those in the US.

Tejas Networks had bagged the contract worth Rs 7,492 crore from TCS for the supply, support, and annual maintenance services for BSNL’s Pan-India 4G/5G network in August.

The supply of the equipment is to be executed by the company during the calendar years 2023 and 2024.

The net loss for Tejas Networks was also weighed down by a loss on the operational level.

Over 50 stocks have been identified as overbought by the Relative Strength Index (RSI), a technical analysis tool used by investors to gauge market trends. When the RSI rises above 70, the stock may be overbought, suggesting a potential correction. Data from July 13 shows 10 stocks in the overbought zone, including Tejas Networks, Indian Bank

“Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

Zomato, which has been in a downtrend since November 2021, recently showed signs of a potential reversal. The stock has been consolidating within a wide range of 75-50, with higher volume participation during the lowest points.

The Nifty Auto index closed 0.61 per cent down at 15519.7.

Trigyn Tech, Ashoka Metcast, Tejas Networks, Kellton Tech and Refex Industries, hit their fresh 52-week highs during the day.

The Nifty IT index closed 1.75 per cent up at 29628.2.

The Nifty Bank index closed 0.06 per cent up at 44665.05.

The Nifty Pharma index closed 0.43 per cent down at 13876.55.

The Nifty Realty index closed 1.02 per cent up at 533.6.

The Relative Strength Index (RSI) is a popular tool used by investors to evaluate the momentum of a stock's price movement and identify overbought and oversold conditions. StockEdge reported that 39 stocks were trading with a trending-down RSI on Friday, July 7. This article explores the significance of RSI and delves into ten stocks that have witnessed a decline in their RSI potentially offering investment opportunities, including RattanIndia Enterprises, Pidilite Industries, Tata Consumer Products, and CRISIL.