In trading on Monday, shares of the iShares India 50 ETF ( INDY) entered into oversold territory, changing hands as low as $29.14 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.In the case of iShares India 50, the RSI reading has hit 27.5 — by comparison, the RSI reading for the S&P 500 is currently 35.8. A bullish investor could look at INDY's 27.5 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), INDY's low point in its 52 week range is $21.50 per share, with $32.02 as the 52 week high point — that compares with a last trade of $29.17. iShares India 50 shares are currently trading off about 2.5% on the day.