Short Shree Renuka Sugars: Manas Jaiswal

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » RELATED NEWS Sell sugar stocks: Mitesh Thacker Sell Shree Renuka 190 call: Thukral ALSO READ See previous views by Manas Jaiswal See what other Experts & Brokerages are saying about Shree Renuka See messages about Shree Renuka Shree Renuka BSE | NSE 17/02/12 Are Mutual Funds betting on Shree Renuka?

Short Shree Renuka Sugars , says Manas Jaiswal , Associate Vice President-Technical Analyst, Motilal Oswal Securities.

Jaiswal told CNBC-TV18, "On a bounce back one can go short especially in Shree Renuka. The stock has broken the 200 day moving average 3 days back and in the range of Rs 160 and Rs 170 one can go short with a stoploss of around Rs 180. On downside the stock can come in the range of Rs 120-130."

At 15:06 hrs the share was quoting at Rs 153.10, down Rs 10.15, or 6.22% with volumes of 4,995,938 shares. Yesterday the share closed down 5.50% or Rs 9.50 at Rs 163.25.

The company touched its 52 week high Rs 247.20 and 52 week low Rs 76.70 on 07 Jan, 2010 and 12 Mar, 2009, respectively. Currently, it is trading -38.07% below its 52-week high and 99.61% above its 52-week low. Market capitalisation stands at Rs 5,127.32 crore.

Disclosures: I do not have any position in the above stock.