Dhampur Sugar can test Rs 140-145: Deshmukh

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Dhampur Sugar can test Rs 140-145: Deshmukh

Dhampur Sugar Mills can test Rs 140-145, says Akshata Deshmukh, Sr Research Analyst, Networth Stock Broking.

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Excerpts from Markets Midday on CNBC-TV18 Watch the full show » ALSO READ See previous views by Akshata Deshmukh See what other Experts & Brokerages are saying about Dhampur Sugar See messages about Dhampur Sugar Dhampur Sugar BSE | NSE 10/02/12 Are Mutual Funds betting on Dhampur Sugar?

Dhampur Sugar Mills can test Rs 140-145, says Akshata Deshmukh , Sr Research Analyst, Networth Stock Broking.

Deshmukh told CNBC-TV18, "The entire sugar pack is seeing some resurgence off late and stocks like Shree Renuka Sugars today have tried breaking some short-term charts on the upside. However, I think Dhampur Sugar is one of the strongest charts amongst the entire pack and looking at the kind of volume expansion ever since the month of October where it has formed a base of Rs 94 levels, the immediate support I see on this chart is Rs 112 to Rs 114 levels where accumulation is recommended and the stock might test levels of Rs 140-145 in a couple of month's timeframe. I think the volumes are good and the long-term charts are definitely strong because the ascending scallop's pattern is still maintained on the charts. So I would prefer this stock to the others amongst the entire pack."

Disclosure: I do not have a personal holding in the above stock/sector but may have recommended them to clients.