Technical Talk: Top midcap stocks with RSI in the oversold zone

Technical Talk: Top midcap stocks with RSI in the oversold zone

by 5paisa Research Team Last Updated: Dec 11, 2022 - 02:54 pm 38.7k Views
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The Relative Strength Index is a momentum indicator that is widely used by technical analysts. Read on to find out top mid-cap stocks with their RSI in the oversold zone.

On February 1, 2022, our Finance Minister Nirmala Sitharaman announced the financial budget. Hence, the markets were expected to be volatile. Despite being volatile, the markets (Nifty 50) ended with positive bias. Even in today’s trade, Nifty 50 had a gap up opening and is presently trading near day’s high. The immediate resistance for the market is at 17,800 to 18,000 levels and support being placed at 17,500 to 17,600 levels. Breaching these levels on either side would guide the market’s next move.

Having said that, it is still way below its previous swing high of 18,350. At present market is still in the neutral phase and hence, in the current market situation, it makes more sense to have a stock-specific view. While you screen stocks, there are various factors such as market cap, volumes, moving averages, etc. that you should consider. Similarly, the Relative Strength Index (RSI) which is a momentum indicator would definitely help you in screening stocks.

RSI is an indicator that helps you measure the magnitude of recent price changes to evaluate overbought or oversold situations. RSI is usually displayed as a line graph on a scale of 0 to 100 which moves between two extremes. It is believed that stocks with an RSI of 70 or above suggest overbought or overvalued conditions and probably signals for a trend reversal or correction. On the flip side, an RSI of 30 or below suggests an oversold or undervalued situation.

Here is the list of the top five mid-cap stocks with RSI in the oversold zone.

Top five S&P BSE Mid-Cap Index stocks with RSI in oversold zone 

Stocks 

Last Traded Price (Rs) 

Change (%) 

RSI 

GlaxoSmithKline Pharmaceuticals Ltd. 

1,575.8 

2.60 

23.12 

Torrent Pharmaceuticals Ltd. 

2,712.0 

1.30 

24.25 

Indraprastha Gas Ltd. 

403.0 

1.00 

25.05 

PI Industries Ltd. 

2,523.8 

3.50 

25.77 

Abbott India Ltd. 

16,150.0 

0.10 

26.84 

 

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