See upside in Shree Renuka Sugars: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "The weekly charts as well as the daily charts of Shree Renuka Sugars suggests the possibility of a very strong breakout. I think if the stock can close on a weekly basis beyond the levels of Rs 23 then one might see a good strong flag breakout on the weekly chart. Then much higher rates are possible in Shree Renuka."

At 14:55 hrs Shree Renuka Sugars was quoting at Rs 22, up Rs 0.20, or 0.92 percent. It has touched an intraday high of Rs 22.40 and an intraday low of Rs 21.60.

The share touched its 52-week high Rs 32.40 and 52-week low Rs 14.50 on 16 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 32.1 percent below its 52-week high and 51.72 percent above its 52-week low. Market capitalisation stands at Rs 1,476.90 crore.

Disclosure: He owns Shree Renuka Sugars and has recommended the stock to his clients.