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.