Bajaj Hind, Dwarikesh: Stay invested in sugar stocks for up to 33% gain

Major sugar stocks are ready to claim new bullish territory

Balrampur Chini Mills (BALRAMCHIN)
Likely target: Rs 500
Upside potential: 16%

After conquering the major hurdle of the Rs 400 levels, the shares of Balrampur Chini have broken out on the upside. Now, the medium term trend has turned robust with the stock witnessing accumulation on every healthy correction. The overall trend seems headed towards Rs 500 levels with the immediate support for teh stock around Rs 400 and 390 levels, according to the daily and weekly charts. The Relative Strength Index (RSI) has established a positive crossover overcoming 52 value, its resistance, signalling a positive strength.  CLICK HERE FOR THE CHART

 

Avadh Sugar & Energy Limited  (AVADHSUGAR)
Likely target: Rs 600
Upside potential: 10%

The shares of Avadh Sugar & Energy have decisively claimed a new 52-week high of Rs 564.85 levels, eventually conquering the selling pressure range of Rs 550 to Rs 480 levels. This up move is hinting a rally towards Rs 600 levels. The immediate support for the stock comes at Rs 525 and Rs 500 levels, according to the daily chart. CLICK HERE FOR THE CHART

Triveni Engineering & Industries Limited (TRIVENI)

Likely target: Rs 280 and Rs 300
Upside potential: 12% and 15%

Triveni Engineering & Industries has conquered the resistance range of Rs 235 to Rs 230 levels and is heading towards the new territory of Rs 300 mark. The closing basis support is positioned at Rs 235 and Rs 220 with an immediate rally to be expected in the direction of Rs 280 and Rs 300 levels, according to the daily chart. The medium term outlook is bullish above Rs 200 mark. CLICK HERE FOR THE CHART
 
Dwarikesh Sugar Industries Limited (DWARKESH)
Likely target: Rs 110
Upside potential:  20%

The stock continues to claim new all-time highs with robust volumes indicating a strong bullish trend. This move is supported by major technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), which show positive upside ahead. RSI is witnessing buying momentum in the overbought category and MACD has aggressively crossed the zero line signalling an upward direction. The trend is heading towards Rs 110 levels with an immediate support of Rs 78 and Rs 72 levels, according to the daily chart. CLICK HERE FOR THE CHART

Bajaj Hindusthan Sugar Ltd (BAJAJHIND)
Likely target: Rs 22 and Rs 24
Upside potential:  22% to 33%

The shares of Bajaj Hindustan witnessed continued upper circuits and are heading towards crossing the major hurdle of Rs 18 levels. When that gets crossed, the next upside should see Rs 22 and Rs 24 levels, according to the daily chart. The overall trend reflects a breakout of “Inverse Head and Shoulder”. This bullish outlook may see accumulation for a bigger gain. The support comes at Rs 15 levels. CLICK HERE FOR THE CHART