Sell Shree Renuka Sugars: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "I would not recommend holding on to Shree Renuka Sugars for a long period of time. It is in a continuous downtrend and the pressure still keeps mounting. There is a possibility, the strong supports or rather the imminent supports for this stock has seen at Rs 12 odd level and if these levels are breached it can fall to the lowest 2 digit to a single digit category. I would say keep a strict stop loss of Rs 12 and play for a short-term targets of Rs 14.50 or even Rs 16."

"I would recommend exiting this stock in the first upward move that comes around. Overall I don’t see the stock jumping back to Rs 30 odd levels until and unless there is paradigm shift in how the businesses are done and how the sugar sector performs. Until and unless on a technical part it does not look very promising to again cross Rs 15-16 in near term," he said.