The Relative Strength Index (RSI) is a technical tool that helps identify whether a stock is trading in overbought or oversold territory. It moves on a scale from 0 to 100 and measures the strength of a stock’s recent price movements, indicating if the stock may be due for a reversal or correction.
When the RSI moves above 70, it indicates that a stock may be overbought and could be due for a pullback. On the other hand, when the RSI drops below 30, it suggests the stock may be oversold and could see a potential bounce. Traders use the RSI to spot good entry and exit points, helping them make better decisions based on short-term price trends.
Here are a few Nifty 500 stocks that are trading below the Relative Strength Index (RSI) Level 30
Cohance Lifesciences Limited
Cohance Lifesciences Limited was established in 1989 and is a Hyderabad-based contract development and manufacturing company serving global pharmaceutical and fine chemical industries with APIs, intermediates, formulations, and specialty chemicals, focusing on innovation and quality.
With a market capitalization of Rs. 22,734.05 crores on Tuesday, the stock closed at Rs. 594.25, with an RSI of 13.03, indicating that it is in the oversold zone, offering the potential for an upside bounce.
SKF India Limited
SKF India Limited was founded in 1961 and is a leading supplier of bearings, seals, lubrication systems, and mechatronics products. It serves automotive and industrial sectors with advanced mechanical solutions and has a strong manufacturing and distribution presence in India.
With a market capitalization of Rs. 9,788.72 crores on Tuesday, the stock closed at Rs. 1,980, with an RSI of 23.40, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Linde India Limited
Linde India Limited was established in 1935 and is a top industrial gases and engineering company. It operates air separation plants, supplies industrial and medical gases, and offers project engineering services with a national distribution network across India.
With a market capitalization of Rs. 48,582.16 crores on Tuesday, the stock closed at Rs. 5,696.50, with an RSI of 20.38, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Shree Cement Limited
Shree Cements Limited was established in 1979 and manufactures and markets high-quality cement and clinker, serving construction and infrastructure sectors in India with a strong focus on sustainable and eco-friendly practices.
With a market capitalization of Rs. 95,469.66 crores on Tuesday, the stock closed at Rs. 26,460, with an RSI of 21.69, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Written By – Nikhil Naik
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