Renuka Sugars has shown formation of a Bearish Head and Shoulders Pattern. The downside target for the same would be at 78 . This is only if it break outs below 82 on the downside, confirming the pattern. A further downside on this stock can be towards the levels of 66.
The Stop loss on the scrip would be at 93, which is a level at which an upward breakout would be confirmed. This can be seen as a safe level to enter the stock.
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