Sukhani upbeat on Shree Renuka Sugars

Sudarshan Sukhani of s2analytics.com is upbeat on Shree Renuka Sugars.

Sukhani told CNBC-TV18, "Cairn India does not look very good technically, but now the problem is that it is drifting sideways. So a long position can only be closed if it does something negative. That will happen if Cairn goes below Rs 320. Till then I am assuming that it is in a range, maybe it can break out on the upside."

He further added, "I am upbeat on Shree Renuka Sugars. At Rs 31 it found support. I would be a buyer in it. It is not necessary that the stock will rally the moment we discuss it. It sometimes takes its own time. But we have seen how stocks have run up in the last two days; it is likely to do the same."

Disclosure: I have long positions in Cairn.