The Indian market was trading in a narrow range on May 15. Nifty held on to its crucial support at 11,150 while Sensex was trading around 37,100.

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The crucial support for Nifty is placed at 11,100 while on the upside, the index is likely to find tough resistance around 11300.

India VIX rose by 5.6 percent to the highest since September 2015 to close at 28.66 on May 15 after touching an intraday high at 29.08. Higher VIX will limit the upside potential for markets.

“Volatility will remain high on account of the upcoming election results. After the recent fall, we remain structurally positive above 10,850 and await broader market health to improve before initiating aggressive longs,” Sahaj Agrawal, VP – Research (Derivatives) – Kotak Securities told Moneycontrol.

We have collated a list of five stocks which either touched 52-week high/low or saw wild swings in intraday trade on May 15:

Analyst: Abhijeet Bajpai, Co-Founder - Avighna Trades.

SRF: Stock hits a lifetime high! Stay put or buy on dips towards Rs 2,350-2,400

SRF has been moving in sharp uptrend and on may 15 it touched a lifetime high of Rs 2,815. On charts, it has formed a triangle pattern and a breakout from here can lead it to new heights, possibly towards Rs 3,100 in the near-term.

Traders holding the stock should continue to hold for higher levels. It has short-term support placed at Rs 2,420 and any new buying in this stock is advisable on correction if it trades around Rs 2,350-2,400.

Titan Company: Range of Rs 1,170-1,180 acting as a strong resistance

Titan Company has been trading in the upper channel of Rs 1,037-1,163. At one time, it tried to breakdown from the channel but bounced back again due to buying at lower levels.

The Rs 1,170-1,180 range is acting as a strong resistance zone for Titan in the near-term. If it sustains at this level, it can move soon above Rs 1,200.

The stock can be bought on fall to Rs 1050-60 levels. But, if it breaks below Rs 1,000 in the near-term, traders should book profits and exit there.

Zee Entertainment: Buying is not advised at this stock for now

Zee Entertainment looks weak on the charts. It has some support around Rs 295-299 but given the momentum on the downside, it can break below Rs 290.

Traders can exit the stock and probably look to short at a bounce back to higher levels around Rs 370. It may be highly volatile in the next week so any new position must be made only around resistance zones. Buying is not advised at this stock for now.

Union Bank of India: Look to exit and avoid short selling stock at current levels

Union Bank is in a downtrend and may move further down towards Rs 60-65 range. With downward movement, we suggest holder of stock to exit, but we do not advise to take fresh sell position on this stock.

It has good support at around Rs 63-64 and we suggest buying in this stock if it comes around that level with stop loss at Rs 58. On a bounce back it may again reach above Rs 80.

IIFL Holdings: Trader can buy with a stop loss of around Rs 410

IIFL Holdings has been consolidating in a narrow range with a downward bias. But, from current levels, it may bounce back from this level to Rs 470-90.

Traders can buy with a stop loss of around Rs 410. On the downside, if it breaks Rs 389 then one can expect a breakdown towards Rs 350 and 290 in the near-term.

Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Source: Moneycontrol.com