Buy Balrampur Chini on dips; target Rs 78: Kulkarni

Balrampur Chini Mills has a potential target of Rs 78. One can buy the stock at any dip, says Shardul Kulkarni, Sr.Technical Analyst of Angel Broking.

Kulkarni told CNBC-TV18, "In sugar pack I think Balrampur Chini Mills will be the best bet because the stock is clearly in a very strong higher top, higher bottom trend and it has given a fresh breakout. The strong resistance was at around Rs 70 and that resistance has been crossed. I think the potential target for the stock is at Rs 78 and one should be looking at any decline to buy. He further added, "This would be followed by Shree Renuka Sugars wherein stock is moving a little sideways, it is not outperforming as Balrampur Chini but one can accumulate Shree Renuka around Rs 36-35. It is good time to accumulate the stock, one will have to wait a little longer but the stock is still bullish." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.