Simbhaoli hits upper circuit. Charts indicate more upside for sugar stocks

The government has raised sugarcane Fair and Remunerative Price (FRP) by Rs 10 a quintal for 2020-21 season

Balrampur Chini Mills (BALRAMCHIN): A closing basis “Double Bottom” formation on the weekly chart reflects the strong upward movement. The counter can hit Rs 180 levels in the sessions ahead of the breakout pattern is not broken, charts suggest. The immediate support comes at 50-weekly moving average (WMA) placed at Rs 138 levels. Stability above Rs 143 should add strength and bring down the selling pressure. The Moving Average Convergence Divergence (MACD) is climbing the zero line upward. As it crosses the zero mark, a rise in price can also be accompanied by an increase in volumes.