Sugar Stock have been in news off late with all wrong reasons and have been hammered like anything,But every thing has a botton and i feel technically Renuka is ready for a Bounce small bounce.Lets have look at the technical set up of Renuka Sugar.
As marked in Chart a Blue colored area where Renuka formed a base and consolidated before starting moving up,Currently it is falling slowly and today it has formed Doji Pattern which can indicate a Short term trend reversal.
RSI is showing a Positive Divergence
Trendline Resistance comes around 64 which if crossed can see a good upmove.
Support is at 60 and than 55 Levels
Resistance at 64
Buy above 64 for a tgt of 67 and 72