An RSI scanner automatically screens all NSE and BSE stocks to find those with RSI at extreme readings — below 30 (oversold, potential bounce) or above 70 (overbought, potential pullback). These extreme RSI readings often precede significant reversals, making RSI scanning one of the most efficient ways to build a daily watchlist without manually checking hundreds of charts.
The scanner flags: RSI below 30 = oversold (potential buy setup for contrarian traders). RSI above 70 = overbought (potential sell or short setup). RSI below 20 = extreme oversold. RSI above 80 = extreme overbought. Both are included in the daily scan results.
No — RSI below 30 alone is not sufficient. A stock in a strong downtrend can stay below 30 for weeks. Always check: Is the broader trend up? Is there a support level nearby? Is volume declining (exhaustion)? Look for RSI divergence for higher conviction. RSI is a filter, not a buy trigger by itself.
Bullish RSI divergence: Price makes lower low but RSI makes higher low = hidden buying strength, potential reversal up. This is more reliable than plain RSI below 30. Bearish divergence: Price makes higher high but RSI makes lower high = weakness, potential reversal down. Divergences on daily charts are most actionable.
Yes — powerful combinations: RSI below 30 + Price at 200 EMA support = strong bounce candidate. RSI above 70 + Price at Bollinger Band upper = potential reversal short. RSI below 30 + Supertrend still green = continuation dip vs RSI below 30 + Supertrend red = strong downtrend, avoid.
The StoxGo Scanner is free — no login required. It runs daily scans on NSE and BSE stocks and publishes results including RSI readings. Check the scanner page for the latest RSI extremes, breakout setups, and technical signals.
Open your Angel One account in 5 minutes — zero account opening fee via StoxGo.
Disclaimer: This content is for educational purposes only and is not investment advice. Stock market investments are subject to market risk. Please read all scheme-related documents carefully before investing. StoxGo is an authorized Angel One partner.