Shardul Kulkarni of Angel Broking told CNBC-TV18, "Sugar stocks have moved up nearly 20 percent in a single trading session. It is the first move after a very long downtrend. If one sees on a monthly chart, it is just a very small move, but if one sees stock like Shree Renuka Sugars, the stock was at Rs 100 three years back, now it has gone to Rs 15 and from there it has moved higher."
He further added, "Going forward, looking at what has happened in today's trading session as well as the volume based activity which we are seeing, possibility is there that stock can move towards Rs 19.50-20, but at this point to comment on the stock whether it will go beyond Rs 35-40 is very difficult. The first target I would look at around is Rs 20 in case of Shree Renuka Sugars."
"Balrampur Chini Mills was up about 15 percent. The stock has resistance around Rs 43.4-44. I think that level can act as a decent resistance at least in the near-term," he said. Disclosure: I own the stock of Shree Renuka Sugar.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
