EID has been consolidating and is on sidelines for past 4 months. It has consolidated very well at the CMP. Sharp rise can be expected in few sessions. The breakout of Rs.340/- was seen in this stock yesterday. All technical charts favour it to rise to Rs.375/- in coming sessions.
You are wrong! On 13.11.2009 it did not reach the break out of 340.00. Maximum was Rs.326.00. Ofcourse, it oscilates between Rs.335.00 and Rs.301.00 for the last 2 months, with normal volumes. It has a very well diversified portfolio & well managed company and so a good nvestment on long term. Sugar, Power, Sugar Refinery, Fertiliser etc. will stabilise their earnings. It has huge Real Estate in the center of the Heart of Chennai. The area itself is called Parry`s corner for a number of decades of Chennai`s existance.
Given the present scenario, the upside seems to be around 30 - 340 only for the stock. As the market is expected to touch 5200 as it is trading in a narrow band, then 350 would the the maximum level for this stock, I opine. On the downside, if the market slides, then every slide at 50 points, will give good opportunity for a buy. Anyway, for the next one year at the least, sugar stocks will rule the roost, subject to the vagaries of Govt. directives and market range.
| NIFTY 
