Shree Renuka Sugar can touch Rs 38-39: Kulkarni

Kulkarni told CNBC-TV18, “Sugar as a pack has been doing quite well. But Bajaj Hindusthan charts are not that great but the charts of Balrampur Chini as well as Shree Renuka Sugar looks quite good.”

He further added, “Shree Renuka Sugar is expected to move higher over the next three-four weeks. So anyone who has a little longer-term timeframe of around 3-4 weeks should be looking at buying Shree Renuka Sugars on every decline. The stop loss for the trade would be around Rs 31.50. We expect the stock to move higher to around Rs 38-39 in the near future. So yes, that is one midcap stock which we feel that will go higher. Even Balrampur Chini can have a good move on the upside. The only thing is that I would want to wait for some decline to enter into Balrampur Chini.”