Go long on Shree Renuka: LKP

Go long on Shree Renuka Sugars with a stoploss of Rs 62, says Rakesh Gandhi, Senior Tech Analyst, LKP.

Gandhi told CNBC-TV18, "Shree Renuka has given a huge downward momentum. I think in last three days once again it has recovered and if you see week on week it is currently showing 5% up compared to what it was last week."
He further added, "I believe that if stock maintains a level of Rs 65 or above Rs 60 for today it has some potential and could rise further up to the level of Rs 70-72 as a significant resistance. So there is a potential of stock further rising to Rs 70 or 72 levels. It is possible one can go long trade today on Shree Renuka keeping a stop loss of Rs 62." Disclosure: We have been regularly recommending all these stocks to LKP clients. I am not holding the above stock.