Sugar will continue to underperform, says Hemant Thukral, Asian Markets Securities Pvt Ltd.
Thukral told CNBC-TV18, "Sugar has been an underperformer from last one month and the data still reflects the underperformance to continue. Even if you check the leader Shree Renuka, it is clearly struggling to cross now its 200 DMA Rs 77-78 on the upside."
He further added, "The call levels have shifted southwards, so clearly call writers are also putting pressure. Aggressive addition in Rs 75-80 calls, so clearly looking back to go to retest support levels of Rs 69-68 and I don?t think much is even expected out of Bajaj Hindusthan or Balrampur Chini also. So I think it will remain slightly weak only."
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