The Relative Strength Index (RSI) is a widely used indicator that helps traders analyze price trends in financial markets. It measures the speed and magnitude of price movements to identify whether an asset is overbought or oversold. RSI values range between 0 and 100.
An RSI value above 70 indicates that the asset may be overbought, suggesting it could be overpriced and due for a price correction. Conversely, a value below 30 signals that the asset might be oversold, meaning it could be undervalued and potentially rebound soon.
Here are a few Nifty 500 stocks that are trading below the Relative Strength Index (RSI) Level 30
Axis Bank Limited
Axis Bank Limited was established in 1993 and is headquartered in Mumbai. The company is India’s third-largest private sector bank. It provides a full range of banking and financial services to retail, corporate, SME, and agricultural customers. The bank operates across India and internationally, offering services such as retail and corporate banking, loans, cards, investment products, treasury operations, cash management, and wealth management. Axis Bank Limited’s net interest income and net profit have grown at a CAGR of 16.98 percent and 71.77 percent, respectively, over the last five years.
With a market capitalization of Rs. 340,556.86 crores on Tuesday, the stock closed at Rs. 1,098.05, with an RSI of 24, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Newgen Software Technologies Limited
Newgen Software Technologies Limited was established in 1992 and is headquartered in New Delhi. Newgen Software Technologies Ltd is engaged in providing a unified digital transformation platform, offering process automation, content services, and customer communication solutions for global enterprises Newgen Software Technologies Limited’s revenue and net profit have grown at a CAGR of 17.60 percent and 33.97 percent, respectively, over the last five years.
With a market capitalization of Rs. 12,958.70 crores on Tuesday, the stock closed at Rs. 915, with an RSI of 20.26, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Tejas Networks Limited
Tejas Networks Limited was established in 2000 and is headquartered in Bangalore. The company is engaged in designing and manufacturing optical, broadband, and wireless networking products for telecom, internet, utilities, and government sectors across more than 75 countries. Tejas Networks Limited’s revenue and net profit have grown at a CAGR of 102.85 percent and 85.20 percent, respectively, over the last four years.
With a market capitalization of Rs. 11,060.86 crores on Tuesday, the stock closed at Rs. 626, with an RSI of 22.53, indicating that it is in the oversold zone, offering the potential for an upside bounce.
Written By – Nikhil Naik
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