Just because the TSX Index is fresh off hitting a new high does not mean all stocks are overbought, overvalued, overextended, and thus overdue for some sort of nasty correction or meltdown. Indeed, just as it's a bad idea to chase hot stocks based on their past momentum (chasing parabolic movers could certainly be harmful to your wealth as a beginner investor!), scratching names off your watchlist just because shares have been sinking of late may leave some value on the table.

Indeed, it's never a good idea to reach for a falling knife without some sort of long-term game plan. However, if you envision yourself buying even more shares of a company as it gravitates lower, then perhaps it makes sense to give your favourite businesses on the 52-week low list a bit of a closer look.

Indeed, sometimes Mr. Market tends to send certain stocks to the penalty box for too long a duration. Oftentimes, such harsh penalties may be less than deserved. And in this piece, we'll check out two names that I believe could be close to skating out of the box.

Here are two promising (and perhaps buyable) TSX stocks that are oversold and are near 52-week lows at the time of writing.

Parkland Fuel

Parkland Fuel (TSX:PKI) is a gas station and convenience store firm that's been really sagging of late, with shares recently touching down with 52-week lows just south of the $35 mark. Though the name has since rallied a bit, I think the severely oversold convenience retailer is misunderstood while it's trading at 16.6 times trailing price to earnings (P/E), a multiple that seems way too depressed for the calibre of cash-producing assets you're getting.

Also, there's a juicy 3.9% dividend yield that's close to the highest it's been in a number of quarters. With the stock nearing some pretty strong technical support at around $35 per share, bargain hunters may wish to finally punch their ticket to the name if they seek to punch their ticket to a relief rally. In a prior piece, I'd noted that Parkland would make for a fantastic takeover target for a convenience store consolidator.

Undoubtedly, Couche-Tard (TSX:ATD) immediately comes to mind. If Couche ends up successfully taking over 7-Eleven's parent 7 & i Holdings, however, a potential Parkland deal seems off the table given the magnitude of capital that'll need to be raised to fund such a deal. Should the Couche-7-Eleven deal fall through, though, I think Parkland could be the next best thing. With a $6.1 billion market cap, the gas station firm would certainly be easier to digest.

Boyd Group Services

Boyd Group Services (TSX:BYD) has also felt the sinking feeling in the past year, with the stock now fresh off 52-week highs hit earlier this month. Undoubtedly, a few tough quarters and macro headwinds have made the auto-body repair shop a choppy performer. With shares of BYD now off 30% from their highs, however, I think there's an opportunity to jump in if you're a fan of the business and the company's track record of driving synergies via mergers and acquisitions.

Like Couche-Tard, Boyd is an industry consolidator with an exceptional management team, with its sights set on the North American market. At these depths, it may be time to jump in before lower rates arrive and power shares higher.