Sugar Stocks Tank Amid Concerns Above Export Ban 3 Stocks That Hit Decreased Circuit
On Monday, the Indian stock market opened on a flat notice with the providing tension intensifying throughout the day. The benchmark index plunged .69% to 16,103.55 by 2:30 PM IST, with most of the sectoral indices buying and selling in the crimson zone.
Although the market breadth is pointing to a organization bear’s grip in today’s session, sugar stocks are specially acquiring a tough working day. A news flash from Bloomberg documented that the federal government of India is on the lookout to curb sugar exports from the country. The move will come right after the federal government put a ban on the export of .
Sugar stocks have gone for a rough journey amid the government’s final decision to ban sugar export. Shortly just after the information crack, some sugar shares strike a lower circuit in today’s session. Let us have a seem at a few stocks that are displaying a lot more pain for traders.
Dhampur Sugar Mills
Dhampur Sugar Mills Ltd (NS:) has been one particular of the worst-accomplishing sugar shares in the recent previous. The inventory has fallen over 56% from its 52-7 days large of INR 584.5, in a make a difference of just 31 investing classes.
Impression Description: Every day chart of Dhampur Sugar Mills, depicting a guidance amount
Impression Resource: Investing.com
The stock has fallen almost vertically in the modern periods, accompanied by expanding quantity. As of 2:55 PM IST, Dhampur Sugar shares ended up trading at a lower circuit, at INR 252.25, pretty much an inch away from the 52-week reduced of 251.2. Beneath the 52-7 days lower, the following help amount appears to be to be about INR 210 – INR 208.
Ugar Sugar Will work
One more sugar stock that hit a 5% reduced circuit in today’s session is Ugar Sugar Will work Ltd (NS:) which tanked to INR 55.2 by, 2:55 PM IST. From a 52-week higher of INR 86.75, the stock tanked over one-third and even now not exhibiting any signals of a reversal.
Picture Description: Each day chart of Ugar Sugar Is effective, depicting two assist degrees
Picture Resource: Investing.com
At present, the closest aid would seem to be close to INR 50, from where the inventory reversed a couple times back. Underneath this support, the drop could possibly continue for an additional INR 10 until the upcoming guidance degree of INR 40.
Bajaj Hindustan Sugar
Shares of Bajaj Hindustan Ltd. (NS:) also plunge to a decrease circuit of 5%, at this time investing at INR 14.35, by 2:55 PM IST. The stock has been investing in a sideways pattern for a lengthy time, tests investors’ patience because June past calendar year.
Impression Description: Every day chart of Bajaj Hindustan Sugar, depicting a head and shoulders sample
Graphic Resource: Investing.com
Nonetheless, now the stock is forming a Hear and Shoulders chart sample and is at present in the very last leg of completing the suitable shoulder. The neckline around INR 14 continues to be the nearest aid for the stock, beneath which buyers could see elevated marketing stress.
On Monday, the Indian stock market opened on a flat notice with the providing tension intensifying throughout the day. The benchmark index plunged .69% to 16,103.55 by 2:30 PM IST, with most of the sectoral indices buying and selling in the crimson zone.
Although the market breadth is pointing to a organization bear’s grip in today’s session, sugar stocks are specially acquiring a tough working day. A news flash from Bloomberg documented that the federal government of India is on the lookout to curb sugar exports from the country. The move will come right after the federal government put a ban on the export of .
Sugar stocks have gone for a rough journey amid the government’s final decision to ban sugar export. Shortly just after the information crack, some sugar shares strike a lower circuit in today’s session. Let us have a seem at a few stocks that are displaying a lot more pain for traders.
Dhampur Sugar Mills
Dhampur Sugar Mills Ltd (NS:) has been one particular of the worst-accomplishing sugar shares in the recent previous. The inventory has fallen over 56% from its 52-7 days large of INR 584.5, in a make a difference of just 31 investing classes.
Impression Description: Every day chart of Dhampur Sugar Mills, depicting a guidance amount
Impression Resource: Investing.com
The stock has fallen almost vertically in the modern periods, accompanied by expanding quantity. As of 2:55 PM IST, Dhampur Sugar shares ended up trading at a lower circuit, at INR 252.25, pretty much an inch away from the 52-week reduced of 251.2. Beneath the 52-7 days lower, the following help amount appears to be to be about INR 210 – INR 208.
Ugar Sugar Will work
One more sugar stock that hit a 5% reduced circuit in today’s session is Ugar Sugar Will work Ltd (NS:) which tanked to INR 55.2 by, 2:55 PM IST. From a 52-week higher of INR 86.75, the stock tanked over one-third and even now not exhibiting any signals of a reversal.
Picture Description: Each day chart of Ugar Sugar Is effective, depicting two assist degrees
Picture Resource: Investing.com
At present, the closest aid would seem to be close to INR 50, from where the inventory reversed a couple times back. Underneath this support, the drop could possibly continue for an additional INR 10 until the upcoming guidance degree of INR 40.
Bajaj Hindustan Sugar
Shares of Bajaj Hindustan Ltd. (NS:) also plunge to a decrease circuit of 5%, at this time investing at INR 14.35, by 2:55 PM IST. The stock has been investing in a sideways pattern for a lengthy time, tests investors’ patience because June past calendar year.
Impression Description: Every day chart of Bajaj Hindustan Sugar, depicting a head and shoulders sample
Graphic Resource: Investing.com
Nonetheless, now the stock is forming a Hear and Shoulders chart sample and is at present in the very last leg of completing the suitable shoulder. The neckline around INR 14 continues to be the nearest aid for the stock, beneath which buyers could see elevated marketing stress.