Waaree Energies and Three Other Stocks Exhibit Bullish RSI Trends
The Indian equity markets witnessed a notable technical shift as several Nifty 500 constituents signaled a surge in price momentum. On February 24, four specific stocks—including Waaree Energies and AU Small Finance Bank—cleared the crucial RSI 50 threshold. This crossover from below 50 indicates that buying pressure is beginning to outweigh selling interest, often serving as a precursor to sustained uptrends.
Waaree Energies emerged as a primary focus following its 3.69% climb to 3,023.50. The solar PV module giant’s RSI jumped from 48.43 to 55.05, bolstered by a significant new order for 500 MW solar modules. The company also strengthened its green hydrogen footprint through an agreement for a 2.5 MW alkaline electrolyzer project. Currently, the firm maintains a robust market capitalization of approximately 84,500 crore.
AU Small Finance Bank also exhibited a bullish RSI upswing, rising from 44.25 to 51.71. The stock closed near the 1,002 level, reflecting a 2.8% gain. The bank continues to display fundamental strength with a 5-year profit CAGR of 25.6% and a market valuation exceeding 74,900 crore. Other notable momentum gainers in the technical scan included Cholamandalam Investment and Finance, which saw its RSI reach 55.52, and Vishal Mega Mart at 50.62.
These technical breakouts occurred against a backdrop of broader market volatility. While specific mid-cap stocks found support, the frontline indices faced heavy pressure on Tuesday. The BSE Sensex plummeted 1,069 points to end at 82,226, while the Nifty 50 dropped 288 points to close at 25,425. This downturn was largely driven by a sharp sell-off in the IT and banking sectors, with major players like Tech Mahindra and HCL Tech sliding over 6%.
The divergence between the broad market decline and the RSI breakouts in the Nifty 500 highlights a shift toward selective stock picking. Traders are increasingly monitoring these 50-level crossovers as a filter to identify resilient stocks that are gaining internal strength despite the negative sentiment surrounding large-cap benchmarks. Key support for the Nifty remains at 25,400, while these trending stocks move toward higher resistance zones.