Balrampur Chini can test Rs 70-72: Bhamre

Balrampur Chini can test Rs 70-72, says Siddharth Bhamre, Angel Broking.

Bhamre told CNBC-TV18, "We are not seeing very meaningful built-up happening in the space but speculators are doing lot of cash based buying in it. Only stock which we were positive on though we were again not very aggressive in recommendation was Balrampur Chini. I expect this counter to continue its upward traction probably to Rs 70-72 odd levels, but those guys who are not carrying their long positions from lower levels in sugar stocks forming fresh longs are not advisable." He further added, "All these stocks after reforms in oil sector talks related to fertilizers, sugar I am not expecting any meaningful changes regulatory changes to happen and all these stocks are going up because of this news, yes there is also a fact that sugar futures internationally have bounced back from lower levels but for stocks to go up 10-15% in matter of 4-5 trading sessions I feel that is too much they have reacted, but consolidation is happening in market you will see traders going for midcap stocks or some momentum might continue. So trade with positive bias also other
commodities keep eye on Mcleod Russel, I like the stock from current level as well."