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Dhampur Sugar can test Rs 140-145: Deshmukh
Published on Tue, Nov 10, 2009 at 14:46   |  Updated at Tue, Nov 10, 2009 at 18:22  |  Source : CNBC-TV18

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.

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