Buy Shree Renuka Sugars on dips with investment view: Nirmal Bang
Nirmal Bang Securities has recommended investors to buy shares of Shree Renuka Sugars on dips with an investment perspective.
By ET Bureau |
MUMBAI: Nirmal Bang Securities has recommended investors to buy shares of Shree Renuka Sugars on dips with an investment perspective.
“Buy on dips with an investment perspective. Stop loss can be placed at 178, huge short covering was witnessed Monday in the stock after the company bought 51% stake in Brazil’s Grupo Equipav for Rs 1,530 cr. After a massive sell-off technically the chart looks positive as the oscillators RSI and MACD still remains in the positive zone,” said the brokerage firm.
If the stock holds above 194-197 in the near term, then a target of 215 is likely. Strong support is seen around 173-168 levels where lot of consolidation has taken place, it added.
Shares of the company were trading at Rs 181.60, lower by 2.65 per cent or Rs 4.95 on the NSE.
“Buy on dips with an investment perspective. Stop loss can be placed at 178, huge short covering was witnessed Monday in the stock after the company bought 51% stake in Brazil’s Grupo Equipav for Rs 1,530 cr. After a massive sell-off technically the chart looks positive as the oscillators RSI and MACD still remains in the positive zone,” said the brokerage firm.
If the stock holds above 194-197 in the near term, then a target of 215 is likely. Strong support is seen around 173-168 levels where lot of consolidation has taken place, it added.
Shares of the company were trading at Rs 181.60, lower by 2.65 per cent or Rs 4.95 on the NSE.
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