Shree Renuka Sugars: Holding Support @70

SHREE RENUKA SUGARS Weekly NSE Stock Chart Technical Analysis:


Shree Renuka Sugars closed the week at 71.5.

• We can see that after a few weeks of fall, the bottom of the price has stabilized near 70 since the last 3 weeks.  This level is also very close to its long term support line as seen on the chart. This week ended with a Doji formation.  There is a good chance that this support level will hold and SRS will start rising again.
• However, if NIFTY remains low, this stock too will be affected and break its support.  If support breaks, the lower targets are 63, 52 and 35.
• If NIFTY performs well and SRS rises, the upper targets are 105 and 127.
• Seeing this, the next week or two will be crucial to see which way this stock is headed.  As of now, wait and watch before taking new positions
  
• Shree Renuka Sugars कुछ हफ्तों से गिरने के बाद ७० पर आके टिक गया है और इस से नीचे नहीं गिर रहा है.  सुप्पोर्ट लाइन भी ७० के नज़दीक ही है.  अगर निफ्टी ऊपर रही तो यह शेयर १०५ और १२७ के टार्गेट रखता है.  पर अगर निफ्टी गिरी तो ६३, ५२ और ३५ तक भी जा सकता है.  अगले हफ्ते इसका रुख देखकर फिर ही पोसिशन लें. 

All posts related to Shree Renuka Sugars

SHREE RENUKA SUGARS Weekly NSE Stock Chart Technical Analysis
(analyzed for Somnath, Kolkata)

Shree Renuka Sugars: Headed Down

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis:

Shree Renuka Sugars was traded heavily today, and it fell slightly to close at 97.3.

Market Outlook:

• There price fell after touching its resistance line, it can be expected that the price will now fall.
• If it falls, there is an opportunity to go short on Renuka Sugars.  I'll try to update with tomorrow with chart and target.
• Watch out for tomorrow, if the price goes up instead, wait for the day to end above the resistance of 100.

Technical Indicators:

• A support line has turned hostile and is now acting as resistance line.
• The price made an intraday high and touched the resistance but then fell even below its opening price, making the resistance powerful.
• The stock price is well into the oversold levels.
• All of these are negative signs, indicating the stock could indeed be headed downwards for the time being.

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis