Book profit in Balrampur Chini

B. Krishnakumar

AFTER a prolonged downtrend, the stocks from the sugar sector have been seeing firmness in recent weeks.

The sharp rise in international prices, coupled with the hike in import duty for sugar, appears to have infused some positive sentiment towards the sugar stock.

The industry major Balrampur Chini has been amongst the top gainers in recent weeks. The company's share price recovered from Rs 77 to the current Rs 105.8. The upside potential from current levels appears limited, considering the fact that the stock faces resistance at the Rs 114-115 level. Existing shareholders could book profit in Balrampur Chini and contemplate re-entry on price declines at the Rs 90-95 range.

(Note: Recommendations in this column are based entirely on the technical analysis of the past price behaviour of the company concerned. There is a risk of loss in trading.)