Book profits on sugar stocks: Mitesh Thacker
We were trading long on Bajaj Hindustan and Renuka and we have just booked profits. While the upside still remains, my sense is that one, these stocks are slightly overbought on the hourly charts.
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| Updated: Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his views on sugar stocks
On the sugar space, how you would be looking at these stocks right now?
We were trading long on Bajaj Hindustan and Renuka and we have just booked profits. While the upside still remains, my sense is that one, these stocks are slightly overbought on the hourly charts. Secondly the market is taking a breather, so when this kind of movement happens in the market, the beaten down or the laggards could also take a breather, so it make sense to probably book profits if you entered at about 27 that’s where I recommended the stock last week also, so Rs 27-27.25 was the entry price and it is up about 10-12% from those levels, so just book profits on that.
On the sugar space, how you would be looking at these stocks right now?
We were trading long on Bajaj Hindustan and Renuka and we have just booked profits. While the upside still remains, my sense is that one, these stocks are slightly overbought on the hourly charts. Secondly the market is taking a breather, so when this kind of movement happens in the market, the beaten down or the laggards could also take a breather, so it make sense to probably book profits if you entered at about 27 that’s where I recommended the stock last week also, so Rs 27-27.25 was the entry price and it is up about 10-12% from those levels, so just book profits on that.
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