Sukhani's view on Shree Renuka

Sudarshan Sukhani of s2analytics.com shares his view on Shree Renuka.

Sukhani told CNBC-TV18, "Shree Renuka has been weak throughout. At least for Balrampur we saw a very good rally, Bajaj Hindustan was slightly better, but Renuka’s rally could be counted in a few days. That rally is over and Renuka suggests that a new decline to new lows is likely. Very difficult to say what’s happening in sugar, again the view was that it could be a correction but this decline is not a correction. Renuka is probably in a bear market now."
He further added, "While Infosys has already cracked, TCS is on the verge of a very strong support level, so anything below it will put it at par with that big decline in Infosys. IT index itself is not very comforting. What has happened is
because HCL Tech and Wipro has been slightly outperforming the index itself is not as dismal in terms of chart as Infosys and TCS are. I don’t see TCS holding its Rs 1,050 support levels. It’s only am matter of time, if not today then tomorrow. So the two IT majors are certainly selling opportunities. The IT index itself is probably on avoid."