Several Nifty 500 stocks are currently showing Relative Strength Index (RSI) readings below 30, a level that traders often associate with oversold conditions.
RSI is a technical indicator that measures the pace of price movements on a scale of 0 to 100.
- An RSI above 70 is generally seen as overbought.
- An RSI below 30 is considered oversold.
- Oversold readings may indicate the possibility of a price rebound.
- RSI signals do not guarantee future price movements.
Oil and Natural Gas Corporation Ltd
Oil and Natural Gas Corporation (ONGC) is India’s largest crude oil and natural gas explorer and producer.
On the day’s trade:
- Closing price: Rs. 251.90
- Market capitalization: Rs. 3,16,897.23 crore
- RSI: 25.64
The reading places the stock in the oversold zone.
Reliance Industries Limited
Reliance Industries Limited (RIL) has businesses across refining, petrochemicals, oil and gas, telecom, retail and renewable energy.
Key numbers from the session:
- Closing price: Rs. 1,259.55
- Market capitalization: Rs. 17,04,490.91 crore
- RSI: 29.15
The stock’s RSI remained below the 30 mark.
NTPC Limited
NTPC Limited is India’s largest power generation company. It operates thermal, hydro, solar and wind projects.
On the day’s trade:
- Closing price: Rs. 351.90
- Market capitalization: Rs. 3,41,225.68 crore
- RSI: 25.21
The stock was trading in the oversold zone based on the indicator.
Muthoot Finance Limited
Muthoot Finance is a gold loan-focused non-banking financial company.
Session details:
- Closing price: Rs. 2,913.95
- Market capitalization: Rs. 1,16,985.91 crore
- RSI: 26.65
Its RSI reading was below 30.
Jindal Stainless Limited
Jindal Stainless Limited is India’s largest stainless steel producer.
The stock ended the session with:
- Closing price: Rs. 662.00
- Market capitalization: Rs. 54,576.58 crore
- RSI: 28.11
The reading also placed the stock in oversold territory.
All five stocks had RSI values below 30 during the session. Traders often track such readings for signs of a possible bounce, though the indicator alone does not predict future performance.
TL;DR:
Reliance Industries, ONGC, NTPC, Muthoot Finance and Jindal Stainless were trading with RSI readings below 30. Such levels are commonly viewed as oversold conditions by market participants.
AI summary:
- Five Nifty 500 stocks had RSI readings below 30.
- Reliance Industries recorded an RSI of 29.15.
- ONGC and NTPC had RSI readings of 25.64 and 25.21.
- Muthoot Finance and Jindal Stainless posted RSI values below 30.
- Traders often view such readings as oversold conditions.
