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
Premier Energies Ltd
Premier Energies Ltd is an integrated solar energy company that specializes in the manufacturing of solar photovoltaic cells and modules. The company manufactures Mono PERC and TOPCon cells and modules, along with offering its services in the generation of solar power.
With a market capitalization of Rs. 40,991.82 crores on the day’s trade, the stock closed at Rs. 903.00, with an RSI of 29.98, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Amara Raja Energy & Mobility Ltd
Amara Raja Energy & Mobility Ltd is an energy and mobility solutions company that leverages advanced technology and is the key firm of the Amara Raja Group. The company deals in the production of automotive and industrial batteries such as lead-acid batteries and is venturing into lithium-ion batteries and charging.
With a market capitalization of Rs. 14,550.52 crores on the day’s trade, the stock closed at Rs. 795.00, with an RSI of 25.01, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Mazagon Dock Shipbuilders Ltd
Mazagon Dock Shipbuilders Ltd is one of the foremost defence shipyards in India, which is operated by the Ministry of Defence. It is a renowned Indian company specializing in building warships and submarines for the Indian Navy. Mazagon Dock Shipbuilders Ltd also builds civilian ships including tugs, cargo ships, tankers, and dredgers.
With a market capitalization of Rs. 90,841.18 crores on the day’s trade, the stock closed at Rs. 2,252.00, with an RSI of 29.71, indicating that it is in the oversold zone, offering the potential for an upside bounce.
MRF Ltd
MRF Ltd is one of the leading tyre manufacturing companies in India. MRF Ltd produces a variety of tyres for passenger cars, two-wheelers, trucks, buses, and other commercial vehicles. In addition, the company produces several other products such as tubes, conveyor belts, and specialty rubber products.
With a market capitalization of Rs. 52,853.97 crores on the day’s trade, the stock closed at Rs. 1,24,622.00, with an RSI of 23.00, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Havells India Ltd
Havells India Ltd is a premier fast-moving electricals company that provides its products in areas such as cables and wires, switches, circuit breakers, fans, lighting, motors, pumps, domestic appliances, and water heaters. The company’s brands include Havells, Lloyd, Crabtree, and Standard, and serves both Indian and foreign markets for homes, businesses, and industries.
With a market capitalization of Rs. 68,780.76 crores on the day’s trade, the stock closed at Rs. 1,096 with an RSI of 21.39, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Thermax Ltd
Thermax Ltd is an energy and environment solutions company headquartered in Pune, India. It provides integrated solutions across heating, cooling, power generation, water and wastewater treatment, recycling, air pollution control, and chemicals. The company serves industrial customers across multiple sectors and operates internationally, with a presence in more than 90 countries.
With a market capitalization of Rs. 42,117.58 crores on the day’s trade, the stock closed at Rs. 3534.65, with an RSI of 26.52, indicating that it is in the oversold zone, offering the potential for an upside bounce.