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We recommend a buy on Shree Renuka Sugars stock from a short-term trading perspective. It is clearly visible from the charts of Shree Renuka Sugars that it has been on an intermediate-term uptrend from its 52-week low of Rs 41, recorded in late October. From this low, the stock has been forming higher peaks and higher toughs. In December, the stock conclusively breached its 21- and 50-day moving averages. Recently, the stock found support at Rs 77. On March 4, the stock resumed its intermediate-term uptrend by gaining 6 per cent with high volume. Daily and weekly relative strength indexes are rising in the neutral region towards the bullish zone. Considering that the intermediate-term up trendline is still in place; we are bullish on the stock from a short-term perspective. We anticipate the stock’s up move to continue until it hits our price target of Rs 92 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 78.

Yoganand D.

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