Shree Renuka Sugars has target of Rs 39: Thukral

Shree Renuka Sugars has target of Rs 39, says Hemant Thukral of Aditya Birla Money.

Thukral told CNBC-TV18, "Futures and Options now only have one stock and that is Shree Renuka Sugar. On Friday we again saw a short covering rally rather than long positions or some strong long positions being build-up. Short covering has taken place, in fact 35 strike price call has also unwinded and that has shifted up 37.5 and 40."

He further added, "I think the immediate resistance for Shree Renuka would come around Rs 38 and Rs 39 levels. So if you are holding long then just keep a stoploss of Rs 34.5 on it for a target of Rs 39. But no major long positions, more of short covering that we saw on Friday."