Sell Shree Renuka Sugars;buy NHPC: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one can short sell Shree Renuka Sugars while can buy NHPC with a target of Rs 28.

Sukhani told CNBC-TV18, “The chart of Shree Renuka is very disappointing. Firstly, there is no clarity on what it is doing; a sharp rally finally led way to resistance and then told us this is just a bear market rally. Now the position is very clear that there is nothing to buy in Shree Renuka. It is not easy to go and short sell this stock at such low prices. The trade is still on the short side if at all.
 
He further added, “NHPC has rallied from Rs 17 to Rs 23, which is almost 30 percent rally. So we have seen a 35 percent rally in this stock but did not realise it. Now the charts are telling us this rally is probably the beginning of a bigger move towards Rs 28 eventually and a little more modest target for the short-term traders. The trade is to go long, it is worthwhile.”