Shree Renuka Sugars stock outlook next week august 21 2012

Shree Renuka Sugars stock outlook next week august 21 2012 : Shree Renuka Sugar has been trading in a narrow range for past few weeks after registering a 52-week low of Rs 22.70. A sideways consolidation has taken form of a symmetrical triangle formation. On Friday, the stock had registered a breakout from this formation.


Another important observation is that the stock closed above its 200-day moving averages for the first time since 24 February, 2011 on a weekly closing basis. The above mentioned evidences suggest that the stock is likely to head towards the levels of Rs 39.

We recommend a buy at current level and on dips up to Rs 33-33.30 with a stop loss placed below Rs 32.40 for the targets of Rs 35 / 36.80 / 39.

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