Balrampur Chini can slip to Rs 111: M Thacker

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Balrampur Chini can slip to Rs 111: M Thacker

Balrampur Chini Mills can slip to Rs 111, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Balrampur Chini See messages about Balrampur Chini Balrampur Chini BSE | NSE 10/02/12 Are Mutual Funds betting on Balrampur Chini?

Balrampur Chini Mills can slip to Rs 111, says Mitesh Thacker , Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "Sugar stocks were in a good uptrend on weekly and monthly charts but what we are seeing is a broader and a deeper corrective movement, which could be liken to a short-term downtrend. I think for a stock like Balrampur Chini Rs 120 looks like the first target but overall the stock price and the indicator suggests that it could even go down to as low as Rs 111. So there is some downside in all these stocks. You will see these stocks under pressure of course there is the issue of negative news flow happening on these stocks but overall 10% correction could be very possible for a stock like Balrampur Chini and Bajaj Hindusthan . Shree Renuka Sugars could fall down around 5-8%."