India is a handsome consumer of sugar nearly 23 million tons annually. Recently WTO’s stand on export subsidy of raw sugar and Indian’s stand on import of sugar had bought Indian sugar companies in demand.
"There was an import parity but mills were not signing deals, expecting revision in the import duty. At 25 percent duty, imports are not viable," said a Mumbai-based dealer with a global trading firm. As per times of India.
From last few days we are able to see upside movement and the stock is near to the downtrend line. If there is a breakout the stock might show the reversal and currently MACD have shown a positive crossover. And RSI is showing bullish signs.
If the stock fail to give a positive breakout it have a support at 14.58. currently the stock is near to its low.