Buy EID Parry; target 262: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com in an interview with ET Now talks about EID Parry.

What is the call on EID Parry?

For the day today, I have picked up EID Parry, it is a different type of sugar stock. It has other businesses but overall sugar related spaces, soft commodities are doing well. So we buy with a stop of about 230, target of 262.

What are your thoughts on sugar stocks?

All of these stocks are down probably 80% over the last couple of years. As I said before, EID Parry is something that we like. It has been a stable stock. It has not lost as much as the other stocks because it is not a pure sugar play.

So out there, we are expecting about 262. Others if you bought around 55-60, maybe wait for levels of about 75-80 and tend to get out there because sugar as a commodity has gained 44% in the last 3-4 weeks but the price translation is not really happening. So you cannot expect sugar stocks to move like the sugar commodity.