The Relative Strength Index (RSI) is a technical indicator used in financial markets to measure the speed and change of price movements. It ranges from 0 to 100 and is typically used to assess whether a stock or asset is overbought or oversold.
An RSI value above 70 indicates that the asset might be overbought, suggesting it could be overvalued and might experience a price correction. Conversely, an RSI below 30 indicates that the asset might be oversold, potentially signalling that it is undervalued and could experience a price rebound.
The stocks to watch out for are listed below
Trent Limited
Trent Limited is a prominent Indian retail company and a part of the Tata Group. It operates various retail formats, including Westside, Zudio, and Star Bazaar, catering to diverse consumer needs from fashion to groceries. Trent is known for its strong focus on customer experience and quality products. It has a significant presence across India with a growing footprint in lifestyle and apparel retail.
With a market capitalization of Rs. 1,66,318.36 crores on Tuesday, the stock closed at Rs. 4678.60, with an RSI of 25.41, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Jio Financial Services Ltd
Jio Financial Services Ltd is a subsidiary of Reliance Industries focused on providing digital financial solutions. It aims to leverage Reliance’s extensive telecom and digital ecosystem to offer financial services like payments, lending, and insurance. The company focuses on promoting financial inclusion through technology-driven products.
With a market capitalization of Rs. 1,86,305.88 crores on Tuesday, the stock closed at Rs. 293.25, with an RSI of 25.31, indicating that it is in the oversold zone, offering the potential for an upside bounce.
ICICI Bank Ltd
ICICI Bank Ltd is one of India’s largest private sector banks, offering a wide range of banking and financial services to individuals and businesses. It provides services such as retail banking, corporate banking, investment banking, and asset management. ICICI Bank is known for its robust digital banking platform and extensive branch network. It plays a critical role in India’s financial sector with a strong emphasis on innovation and customer service.
With a market capitalization of Rs. 9,63,007.27 crores on Tuesday, the stock closed at Rs. 1348.05, with an RSI of 23.00, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Asian Paints Ltd
Asian Paints Ltd is India’s leading paint company and one of the largest decorative coatings manufacturers globally. It has built a strong brand presence in both the decorative and industrial paint segments. The company is known for its innovation in product quality and color technology. They have a widespread distribution network and a significant market share in India’s paint industry.
With a market capitalization of Rs. 2,25,425.87 crores on Tuesday, the stock closed at Rs. 2350.15, with an RSI of 29.72, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Written by Sridhar J
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