Renuka Sugar is the pick of the sugar stocks: Deepak Mohoni

In an interview with ET Now, Deepak Mohoni, Director, trendwatchindia.com, talks about sugar stocks. Excerpts:

You have a pick as Renuka Sugar. Is this perhaps just stock-specific or are you bullish on the entire sugar space?

Not bullish on the entire space. Triveni, for example, does not look very good, but a majority of sugar stocks are certainly looking fairly good. Renuka is the pick of sugar for this particular rally, but the bullishness is at the moment confined purely to short to medium term. Sugar is finally having a good rally with the market and outperforming the market, but this is the first time we are seeing that in 5-6 months. So extrapolating this and saying sugar has bottomed out and long term looks good, that will be a little dangerous at this stage even if it may happen. But there is no way of knowing it. So just stick to short to medium term and see how it goes from here.