I was just learning RSI a day before and get to know 70 % is overbought and 30% is overbought but I am confused with which time period should I choose while trade?
Example-
Reliance’s Monthly RSI is at 68 and Daily at 71.
So what are the indications it is giving?
Looking for your expertise in this matter. 
It depends on the type of trade you are going to do , for a day trader , Daily RSI over bought / over sold level , for a swing trader / short term trader RSI to be considered is weekly. And in your example , Reliance , RSI is in over bought on daily chart compared to Monthly chart.
Thanks for your response.
I got your point, does minor or major trend also matters here in case of RSI?
Well mostly RSI Indicator is considered for a Trading/ sideways , Markets or for stocks. RSI gives whipsaws in a trending Market or for trending stock , either upside or for a downside. So broadly Chart Indicators are differentiated as trending indicator & Trading indicators or as oscillators . RSI is an oscillator and accordingly RSI needs to be interpreted . So its better to know the , phase of the market or stock before applying RSI indicator.
hourly works most of the time along with 30m, well lower the timeframe more false signals