Buy Renuka Sugars above Rs 34.40; target Rs 37.50: IIFL

"Shree Renuka Sugars has been showing resilience in last two weeks with low of Rs 29 holding firmly despite volatile markets. Such a higher bottom formation thus has resulted into a bullish pattern which implies that downside risk in Renuka Sugar is almost over. The RSI on the daily chart has broken out which also reinforces bullish trend in the counter. Moreover, the stock has closed above its 200-DMA in yesterday’s session for the first time since February 2011, suggesting a reversal on the upside. We recommend buying Renuka Sugars above Rs 34.40 with stop loss of Rs 32.70 for target of Rs 37.50. (Duration 7 days)," says IIFL research report.

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