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If you're interested in contrarian ideas, the following list might be a good starting point.

To compile the list, we started with a universe of about 120 oversold stocks, as determined by the relative strength, or RSI(14), indicator. All of the stocks mentioned below have RSI(14) readings below 30, which usually signals oversold conditions.

To focus on the contrarian angle, we collected data on institutional data, and identified the names that have seen significant institutional selling during the current quarter.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Big money managers have been dumping these stocks, but technical indicators suggest this pessimism has been excessive--do you think any of these ideas are worth a closer look?

1. Harleysville Group Inc. (NASDAQ:HGIC): Engages in the property and casualty insurance business primarily in the eastern and midwestern United States. RSI(14) indicator at 12.25. Net institutional sales in the current quarter at -399.9K shares, which represents about 3.34% of the company's float of 11.96M shares.

2. PHH Corporation (NYSE:PHH): Provides mortgage and fleet management outsourcing services in the United States and Canada. RSI(14) indicator at 17.74. Net institutional sales in the current quarter at -3.7M shares, which represents about 8.21% of the company's float of 45.05M shares.

3. Renren Inc. American Depositary (NYSE:RENN): Operates a social networking Internet platform in China. RSI(14) indicator at 23.66. Net institutional sales in the current quarter at -9.1M shares, which represents about 5.21% of the company's float of 174.71M shares.

4. JAKKS Pacific, Inc. (NASDAQ:JAKK): Designs, produces, markets, and distributes toys and consumer products worldwide. RSI(14) indicator at 28.48. Net institutional sales in the current quarter at -1.9M shares, which represents about 7.9% of the company's float of 24.05M shares.

5. ZAGG Incorporated (NASDAQ:ZAGG): Designs, manufactures, and distributes protective coverings, audio accessories, and power solutions for consumer electronic and hand-held devices, under the invisibleSHIELD, ZAGGaudio, and ZAGGskins brand names, primarily in the United States and Europe. RSI(14) indicator at 23.19. Net institutional sales in the current quarter at -2.0M shares, which represents about 9.23% of the company's float of 21.66M shares.

6. Country Style Cooking Restaurant Chain Co., Ltd. (NYSE:CCSC): Together with its subsidiaries, operates a quick service restaurant chain under the CSC brand in the People's Republic of China. RSI(14) indicator at 27.5. Net institutional sales in the current quarter at -902.2K shares, which represents about 7.15% of the company's float of 12.61M shares.

7. Alaska Communications Systems Group Inc. (NASDAQ:ALSK): Provides integrated communications services in the State of Alaska. RSI(14) indicator at 19.4. Net institutional sales in the current quarter at -2.6M shares, which represents about 5.85% of the company's float of 44.44M shares.

8. Sky-mobi Limited (NASDAQ:MOBI): Engages in the operation of a mobile application store in the People's Republic of China. RSI(14) indicator at 29.39. Net institutional sales in the current quarter at -481.8K shares, which represents about 6.65% of the company's float of 7.25M shares.

9. Lentuo International Inc. (NYSE:LAS): Operates as an automobile retailer in the People's Republic of China. RSI(14) indicator at 29.73. Net institutional sales in the current quarter at -675.9K shares, which represents about 10.09% of the company's float of 6.70M shares.

10. Feihe International, Inc. (NYSE:ADY): Engages in the production and distribution of infant formula, milk powder and soybean, rice, and walnut products in the People's Republic of China. RSI(14) indicator at 19.2. Net institutional sales in the current quarter at -452.8K shares, which represents about 4.37% of the company's float of 10.35M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: Contrarian Ideas: 10 Oversold Stocks Being Dumped By Big Money Managers