sell..................sell

Renuka Sugars (SELL, below Rs70, Target Rs63): On the daily chart, Renuka Sugars is trading near the triangle resistance line, which suggest that the likelihood of further upside over the short-term has diminished. For now, the risk/return of establishing long positions is less than ideal. Renuka Sugars has thrice run into the falling resistance line of the Triangle formation and fallen back, and yesterday’s session was a fourth attempt to close above the resistance line. Moreover, appearance of falling tops signifies the bulls inability to form higher highs. Based on above mentioned technical evidences, we recommend traders to short Renuka Sugars March Futures below Rs70 with stop loss of Rs73 for target of Rs63.