Shree Renuka Sugars: sell

Company profile: Shree Renuka Sugars Limited is an integrated manufacturing company with a focus on sugar, distillery products and ethanol. The Company also generates power which is used for captive consumption besides being sold externally.  

The recent breakout of the contracting triangle formation has been confirmed by the setting of a new lower peak. The renewed down trend has room to the main projection at 18.64 before stabilisation can be expected. The pivot-lows of early 2012 could cause a minor hiccup, but a reversal of any kind is very unlikely. Sell as long as 28.52 holds as new resistance.

• Primary trend: negative
• Outlook: negative
• Support: 22.70 / 18.64*
• Resistance: 28.52 / 36.20 / 41.10

Weekly chart Renuka Sugars (NSE)