Mitesh Thacker, Technical Analyst of miteshthacker.com is of the view that one can sell sugar stocks.
Thacker told CNBC-TV18, "I think what has happened over the last few days is that sugar stocks have bounced back after falling around 30-40% from higher levels. So I think the bounce back is now coming to an end. I think upsides would be extremely limited. There is a good chance that the recent lows would be tested and even broken on the downside. So I would avoid sugar stocks."
He further added, " Shree Renuka around Rs 190 is an excellent sell, Bajaj Hindusthan around Rs 170 that is the level where the stock price would find extremely difficult to cross. So I think in the short term I would avoid, look for bounce back and probably create short positions on higher levels."
