Mazagon Dock and 3 other Nifty 500 stocks currently trading in the oversold zone with RSI below 30

Synopsis: Mazagon Dock Shipbuilders, REC Limited, Solar Industries India, and Oil and Natural Gas Corporation (ONGC) show oversold momentum, trading below RSI 30, signalling oversold conditions and potential reversal opportunities.

The Relative Strength Index (RSI) is a popular technical indicator used by traders to assess a stock’s price momentum. Measured on a scale of 0 to 100, it helps identify whether a stock is overbought or oversold. By analyzing recent price movements, RSI assists traders in spotting possible trend reversals or short-term price corrections.

An RSI reading above 70 indicates that a stock may be overbought and could face a short-term correction. On the other hand, an RSI below 30 suggests the stock may be oversold and due for a potential rebound. Traders closely watch these levels to spot short-term buying or selling opportunities in the market.

Mazagon Dock Shipbuilders Limited

Mazagon Dock Shipbuilders Limited builds and repairs warships, submarines, and merchant vessels like cargo ships, tankers, and tugs for the Indian Navy and global clients. As a leading defence public sector shipyard under the Ministry of Defence, it also fabricates offshore platforms and jack-up rigs for oil exploration. 

With a market capitalization of Rs. 95,038.34 crores on Wednesday, the stock closed at Rs. 2,356.05, with an RSI of 23.44, indicating that it is in the oversold zone, offering the potential for an upside bounce.

REC Limited

REC Limited finances power infrastructure projects, including generation, transmission, distribution, and renewables across India. It provides loans to utilities, state governments, and private developers for electricity projects, rural electrification, and energy efficiency initiatives. A key non-banking financial company supports India’s power sector growth.

With a market capitalization of Rs. 87,936.52 crores on Wednesday, the stock closed at Rs. 333.95, with an RSI of 27.09, indicating that it is in the oversold zone, offering the potential for an upside bounce.

Solar Industries India Limited

Solar Industries India Limited manufactures industrial explosives, detonators, and blasting accessories for mining, quarrying, and construction. It also produces defence products like rockets, missile components, and ammunition for the Indian armed forces. The company serves global markets with innovative, energetic materials and propellants. 

With a market capitalization of Rs. 1,07,068.29 crores on Wednesday, the stock closed at Rs. 11,832.05, with an RSI of 23.38, indicating that it is in the oversold zone, offering the potential for an upside bounce.

Oil and Natural Gas Corporation Limited

Oil and Natural Gas Corporation Limited (ONGC) explores and produces crude oil and natural gas in India, operating onshore and offshore fields. It supplies most of India’s domestic crude and gas, supports petrochemicals and refining, and is gradually expanding into renewable energy and overseas oil and gas assets.​

With a market capitalization of Rs. 2,92,994.70 crores on Wednesday, the stock closed at Rs. 232.90, with an RSI of 30.40, indicating that it is in the oversold zone, offering the potential for an upside bounce.

Written By – Nikhil Naik

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