Stocks to buy on 29 May
1. SUNPHARMA plunged by 4.04% and to close at Rs.567.65. Trading volume increased by 226 percent in last session. Impressively 57% of the trades are deliverable volume. Derivative traders were aggressive in adding short positions. Open interest gained by 9.57 %. Any rally from lower levels can be used to create short positions.
2. LUPIN dropped by 2.43% and ended at Rs.1112.55. Also it maintained significant loss over recent days. It is one among the top traded stocks. it is trading below its recent support zone. The Near term resistance is seen around 1240.
3. BRITANNIA declined by 2.9% and ended at Rs.3415.85. Trading volume hiked by 245 percent on Friday. It corrected almost 105 from its recent range high. Currently it is trading nearer to its support zone of 3400 levels. Bulls can consider positions if it managed to head above 3450 levels.
4. TATASTEEL surged by 5.58% and to close at Rs.511.75. Trading volume inflated by 95 percent on 26 May 2017. It suggest for positive breakout. This stock is currently settled above the recent resistance zone. We see short term support around 475.
5. ASHOKLEY surged by 6.27% after testing its short term support 82. Trading volume hiked by 384 percent on 26 May 2017. We expect the bullish move to continue for next few sessions.
6. ITC volume inflated by 92 percent on Friday along with significant price gains. The bulls expected to be aggressive in this counter. This stock is currently settled above the recent resistance zone. We see short term support around 290.
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