Don't buy sugar stocks in a hurry: Anil Manghnani
ET Now caught up with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited, to get his views on the sugar stocks.
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| ET Now caught up with Anil Manghnani, Director, Modern Shares and Stockbrokers Limited, to get his views on the sugar pack.
From the sugar space, is there any stock that you have been particularly tracking and probably have a sell at this point?
It is clear that the downtrend that started in January is still on and the worry is that many of them had broken especially the larger names through the 200-day moving averages. So, there is still a lot of confusion. There are reports floating around that there is a lot of stock piles being hidden and prices artificially being inflated, so all those stories have developed. So, all that is now playing out and there is still some more downside. One should wait for the news dust to settle before being in any hurry to jump into these stocks.
From the sugar space, is there any stock that you have been particularly tracking and probably have a sell at this point?
It is clear that the downtrend that started in January is still on and the worry is that many of them had broken especially the larger names through the 200-day moving averages. So, there is still a lot of confusion. There are reports floating around that there is a lot of stock piles being hidden and prices artificially being inflated, so all those stories have developed. So, all that is now playing out and there is still some more downside. One should wait for the news dust to settle before being in any hurry to jump into these stocks.
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