Shree Renuka Sugar can test Rs 38, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "Sugar has never been my favorite sector, but surprisingly there are so many charts which are suggesting buying opportunities. Shree Renuka is now making a bullish head and shoulder pattern. If it breaks out of trading range, which it did yesterday, it's now looking at a significant up move because the four month bullish pattern is supporting that breakout. So it's looking at Rs 38. Once momentum picks up these targets can easily be overshot."
He further added, "I never thought I will get Jubilant Food in my buy list. I don't know whether it's overvalued, chances are it is, but momentum has its own method of working. It's now coming out again after three months bullish pattern."
"Yesterday's big move has put it on the verge of a breakout, so it's worth taking. We must remember that today a lot of unusual things could take place but Jubilant as a positional trade suggests a target of maybe even Rs 1,000."
