Buy Bajaj Hindusthan, Balrampur Chini on declines

Technical Analyst, E Mathew is of the view that one can buy Bajaj Hindusthan and Balrampur Chini on declines in sugar sector.

Mathew told CNBC-TV18, "Sugar sector itself was displaying strength, and even now in this market both Bajaj Hindusthan and especially Balrampur qualifies as a buy on declines. In fact, Balrampur has got very strong support at around about the 70-74 zone, that incidentally becomes your stoploss also. On a market sell off, one could possibly accumulate the stock. One could play for a bounce up all the way to Rs 86-88 zone - that is the stiff resistance zone. Beyond that of course one could look at the Rs 95 too. As of now I think Balrampur and Bajaj Hindusthan, in fact the entire sugar sector, is still not showing the sort of weakness which one is seeing in quite a few of the other sectors."

Disclosure: It is safe to assume that analyst & his clients may have an interest in the stocks/sectors discussed.

Source : MoneyControl