Balrampur Chini can head to Rs 49.50, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla.
Thukral told CNBC-TV18, "Sugar stocks were looking good to at least score 15-17% up also still because there was a fresh long position especially stock like Balrampur Chini which had seen huge rollovers on the long side. Shree Renuka and Bajaj Hindusthan were more of short covering candidates where Balrampur Chini had seen more of long position."
He further added, "Balrampur Chini can head towards Rs 49.50, Friday it closed already at Rs 47.40-47.50. So another 4-5% move you cannot rule out but Shree Renuka beyond Rs 39 I would be really thinking of either booking profits or going short against. So I don't think another rally beyond 5-6% is there in sugar stocks. So I would actually start booking my profits if they move up by 5-6%."
