Post-Market Analysis: Nifty forms bearish candle on daily chart; index may recover if it stays above 14,4… – Economic Times

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Sugar stocks looking positive for another 8-12 months: Brijesh Bhatia

Sugar stocks are breaking out and the trend is looking bullish. The chart shows stocks with minimum market cap of Rs 15 billion as on 30 April 2021. The stocks that have been included in the equal weighted index are EID Parry, Balrampur Chini, Triveni Engineering, Renuka Sugar, Bannari Amman Sugar, Dalmia Sugar, and Dhampur Sugar. The index broke out of from a bullish inverted head and shoulder in March 2016 and it then doubled, giving around 110% returns in the next 86 weeks. A similar structure has now formed in April 2021. The index broke out, retested, and is now resuming its bullish momentum. However, select sugar stocks carefully as they are quite volatile, says Brijesh Bhatia, Senior Research Analyst, Equitymaster.

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