Buy Renuka, Bajaj Hindustan and Balrampur Chini: Ashuu Kakkarr

Ashuu Kakkarr, Technical Analyst, Market Strategist, www.ashuukakkarr.com, in a chat with ET Now talks about sugar stocks.

How do the charts look like the likes of Renuka or Bajaj Hindusthan or a Balrampur?

I think my bet would be with Renuka Sugars at this point of time followed by Bajaj Hindusthan and Balrampur Chini. Renuka could probably because of this news or may be when of the deregulation happens I think should try testing 80 to 82 mark. Above 82 I think 95 and 105 were the next resistance zones. So depending on how much good news do we expect from the government the stocks would react. Technically, the worse is over probably for Renuka in the short term may be with the stop loss about 56 to 54. I think that would be some kind of a good support zone for the stock one should go long for a long term and as what I heard from your channel that the international prices of sugar are moving so probably there is a possibility that our stocks will also join them for a rally. So Renuka and Balrampur Chini for a target of about 88 or so is possible but first preference should be on Renuka I think.