TRADING RECOMMENDATIONS 9th June

Shree Renuka Sugars Ltd. CMP— Rs 66.20 We recommend going long in this counter at current levels.

Technical Outlook:-
The share price of Renuka had been consolidating sideways in the narrow range Rs 65.50 - Rs 62 levels since the past few sessions. With the smart gains in today’s session the price now has given a break-out above this consolidation range. It has also has closed above its short term moving averages. We believe that these breakouts augur well for the stock price and could propel it to levels of Rs 69 / Rs 71 in near future.

Suggested Trading Strategy:-
We recommend buy at current levels with a stop loss placed below Rs 64.20 levels for the above mentioned upside targets expected to be achieved over the upcoming 2-3 sessions of trade.

TRADING RECOMMENDATIONS 8th June

Patel Engineering Ltd. CMP— Rs155.6
We recommend going long in this counter at current levels.

Technical Outlook:-
The share price movement of Patel Engineering appears to be forming an inverted Head & shoulder formation. This is a bullish formation and measuring implications suggest that the stock price could test levels of Rs163 / Rs167 in the near future. Moreover, the stock is also trading above all its key short term moving average clusters which is also a sign of strength in the stock.

Suggested Trading Strategy:-
Thus, traders can look to buy at current levels with a stop placed below Rs150.40 and hold for the above mentioned targets, expected to be achieved over the upcoming 3-4 sessions of trade.