RENUKA trade ideas
RENUKA | SWING BUYAnalysis: RENUKA shows strong uptrend potential with good technical
Entry: Can consider current price
Disclaimer: For informational purposes only. Do your research or consult a financial advisor.
RENUKA on important levelRENUKA trading near 51.5. Closing above 53.5 will be very important. This may decides upcoming trend. It will give breakout only above 53.5. One can keep it in a watchlist.
Renuka LongKeep your eyes on Renuka
Renuka is ready to make a new ATH. Let it cross these levels that have been drawn.
Renuka sugar--Breakout with good volume
--retest and consolidating near breatkout region
--sector in focus
Disclaimer:
- The view expressed here is my personal view
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
-- Do your own analysis and consult your financial adviser if needed
Amazing breakout on Weekly / Daily Timeframe - RENUKACheckout an amazing breakout happened in the stock in Weekly timeframe, macroscopically seen in Daily timeframe. Having a great favour that the stock might be bullish expecting a staggering returns of minimum 25% TGT. IMPORTANT BREAKOUT LEVELS ARE ALWAYS RESPECTED!
NOTE for learners: Place the breakout levels as per the chart shared and track it yourself to get amazed!!
#No complicated chart patterns
#No big big indicators
#No Excel sheet or number magics
TRADE IDEA: WAIT FOR THE STOCK TO BREAKOUT IN LOWER TIMEFRAME AND RETRACE IF NEEDED. SL IS NEARER SUPPORT ZONE IN Daily TIMEFRAME.
PS: No new Nifty500 script can escape from me when making a breakout. :-)
I usually don't believe in patterns, since pattern trading era is gone. However, breakout works since price reacts first before the news.
It's just a perspective, a simple chart for pattern lovers.....
Sugar index breakout 2.15YA custom index made by RENUKA, EIDPARRY, BALRAMCHIN, TRIVENI had a breakout with volume after 2.15Y. Cup & handle pattern. 22% upside potential still there.
BoughtBought renuka at 43. will add more at 47.30-46.50 stop loss 44.50 target 54 and 57.3
Disc : It's not an investment advise to buy or sell
Buy renuka for target of 66Buy Renuka for target 66
Stop loss daily close below 39
Time frame 3-6 months
Can be added to portfolio, target 100 in 1 year
Renuka Sugar (RENUKA) Breakout Potential: Target 53+Renuka Sugar (RENUKA) appears poised for a significant breakout, with the potential to surge beyond the 53 mark. Currently trading around 42, the stock has been consolidating within a range, showing signs of accumulation. Here's why this breakout scenario is compelling:
Breakout Confirmation: The stock has been testing the resistance level at 42 multiple times, indicating a strong desire from buyers to push it beyond this point. A decisive breakout above 42 would signify a shift in momentum towards the bulls.
Volume Surge: Observe the volume dynamics accompanying the breakout. A substantial increase in trading volume concurrent with the breakout would validate the move, suggesting strong participation from traders and investors.
Technical Indicators: Key technical indicators such as the Relative Strength Index (RSI) and Moving Averages (e.g., 50-day or 200-day) should be monitored. A rising RSI above 50 and a bullish crossover of short-term moving averages above long-term averages would support the breakout thesis.
Fundamental Catalysts: Keep an eye on any fundamental catalysts driving the stock's momentum. Positive news such as strong earnings reports, expansion plans, or favorable regulatory developments could fuel the breakout further.
Price Target: Upon the breakout, the immediate target is set at 53. However, depending on the strength of the breakout and prevailing market conditions, the stock could potentially aim for higher levels. Traders should adjust their targets based on evolving price action.
Risk Management:
Always implement a stop-loss strategy to mitigate potential losses in case the breakout fails or reverses.
Monitor the broader market sentiment and sector trends, as they can influence the stock's movement.
Consider position sizing according to your risk tolerance and portfolio allocation.
Remember, trading carries inherent risks, and it's essential to conduct thorough analysis and exercise caution. Keep a close watch on Renuka Sugar (RENUKA) for the breakout confirmation and potential follow-through towards the target of 53 and beyond.
Renuka looks like found support can give a 20% upmove above the doji ,looks like got important support .
SHREE RENUKA SUGAR Trade/Investment Idea On Weekly ChartWHAT IS RELATIVE STRENGTH ?
(RELATIVE STRENGTH is different from RELATIVE STRENGTH INDEX)
Comparing the performance of an individual stock to a benchmark index like the Nifty can help gauge its relative strength. The concept behind dividing the stock's performance by the Nifty index is to normalize the data and provide a measure of how the stock is performing relative to the broader market.
Here's how it works:
Calculation: To calculate the relative strength, you divide the price of the individual stock by the value of the Nifty index at the same point in time. For example, if the stock is trading at ₹150 and the Nifty index is at 15,000, the relative strength would be 150/15000 = 0.01.
Interpretation: A relative strength value greater than 1 indicates that the stock has outperformed the Nifty, as its price has increased at a faster rate compared to the index. Conversely, a relative strength value less than 1 suggests underperformance relative to the Nifty.
Trend Analysis: Monitoring changes in relative strength over time can provide insights into the stock's momentum and its ability to outperform or underperform the broader market. Consistently high relative strength may indicate a strong uptrend, while consistently low relative strength may signal weakness.
Confirmation: Relative strength analysis is often used alongside other technical and fundamental indicators to confirm trading decisions. For example, if a stock is exhibiting strong relative strength and also has positive earnings growth and increasing trading volume, it may be considered a bullish opportunity.
Risk Management: While relative strength analysis can identify potential opportunities, it's essential to consider risk factors such as volatility, liquidity, and fundamental strength before making trading decisions. Diversification and risk management strategies should always be employed.
Overall, comparing a stock's performance to a benchmark like the Nifty through relative strength analysis can help investors assess its relative performance and identify potential trading opportunities. However, it's important to use this analysis as part of a comprehensive approach to trading and to consider other factors that may influence the stock's price movements.
FUNDAMENTALS:
Shree Renuka Sugars Ltd shares SWOT Analysis :
STRENGTHS -
Strong Momentum: Price above short, medium and long term moving averages
Strong cash generating ability from core business - Improving Cash Flow from operation for last 2 years
Company able to generate Net Cash - Improving Net Cash Flow for last 2 years
WEAKNESS -
Red Flag: High Interest Payments Compared to Earnings
Inefficient use of assets to generate profits - ROA declining in the last 2 years
Decline in Net Profit with falling Profit Margin (QoQ)
OPPORTUNITY -
Results Screener: Stocks with upcoming results which are seeing positive shifts in share price
Stock with Low PE (PE < = 10)
RSI indicating price strength.
Q1FY24 Quarterly Result Announced for Shree Renuka Sugars Ltd.
Shree Renuka Sugars announced Q1FY24 results:
Total income up by 18% over Q1FY23 from Rs 19,401 million to Rs 22,865 million. Refinery contributed ~70% of topline.
Gross profit has improved from Rs 3,048 million to 3,562 million up by 17%.
EBITDA has improved from Rs 1,102 million to 1,468 million up by 33%. EBITDA margin improved by 74 bps.
Volume growth was led by
1) Domestic sugar sales (up by 33%) of which Consumer pack sales (grew by 9%) and
2) Refinery (2%).
Distillery had a record production of 4.67 crore liters despite being off-season due to availability of stored molasses, compared to 4.62 crore liter produced in the previous year.
Atul Chaturvedi, Executive Chairman, “This quarter’s results must be seen in the light of inflationary headwinds, high interest rates, weakening currency and disruption caused at our Kandla refinery by cyclone Biparjoy. We have commenced the first quarter on a positive note and achieved healthy growth. Our total income for the quarter has increased by 18% over the previous year. Revenues have grown significantly across all segments with upside in our refinery and sugar business.
The delay in the onset of monsoon in the country was offset due to the torrential rains in the sugarcane belts of Maharashtra and Karnataka in June and we anticipate adequate sugarcane availability in the upcoming season. With the further thrust on ESG initiatives, our organic manure “BHU SANJIVANI” was launched at our Munoli unit (Karnataka) recently which is expected to improve soil health and increasing farmer’s income by increasing quantity and quality of their crop yield."
Sunil Ranka, Chief Financial Officer, “Shree Renuka Sugars has delivered one of the best performances in the first quarter with a gross profit growth of about 17% and EBITDA growth of 33%. The current results demonstrate our unwavering commitment to operational excellence and providing superior results to our stakeholders. High volumes and margins propped EBITDA up to Rs 1,468 million from EBITDA of Rs 1,102 million in the previous year.
Even after increase in the FRP (fair and remunerative price), which is likely to lead to some cost escalation, the same should not pose a problem as the macro environment is supportive and the industry expects further upward improvement in the ethanol purchase price. Good monsoon, strong sugarcane planting and government policies will continue to keep Renuka on the accelerated growth path.”
SHAREHOLDINGS :
Wilmar Sugar Holdings Pte. Ltd. (PROMOTER) - 62.5 %
Huf (PUBLIC) - 0.9 %
Icici Bank LtD. (DII) - 8.1 %
Promoters holding remains unchanged at 62.48% in Dec 2023 qtr.
FII/FPI have increased holdings from 3.16% to 3.22% in Dec 2023 qtr.
Mutual Funds have increased holdings from 0.08% to 0.10% in Dec 2023 qtr.
UPCOMING EVENT • FEB 09, 2024
Board Meeting - Quarterly Results
The latest board meeting for Shree Renuka Sugars Ltd. took place on Feb 09, 2024, for the purpose of Quarterly Results .
That's all for now.
N.B : I wanted to emphasize that the views I express are strictly personal and should not be construed as advice. It is crucial to consult with your financial advisor before making any trades or investment decisions. The complexity and unpredictability of financial markets underscore the importance of seeking professional guidance tailored to your individual financial circumstances and goals.
SUGAR SECTOR HEATING UP? SUGAR STOCKS TO FLY???RENUKA looks hot above 54
planning to enter at 54-55 range
25% SL since its a monthly breakout
80-100% TP very much possible if market doesn't turn bearish
SHREE RENUKA SUGAR swing tradingSHREE RENUKA SUGAR is break the trend line ,price crossed 200d-MA,TARGET-56RS
Disclaimer:
For educational purposes only
Ascending Triangle Breakout + Double Digit stock - RENUKA📊 Script: RENUKA
📊 Sector: Sugar
📊 Industry: Sugar
Key highlights: 💡⚡
📈 Script is giving Ascending Triangle Breakout as shown in chart.
📈 Script is trading at upper band of BB and giving breakout of it.
📈 Already crossover in MACD.
📈 Double Moving Averages is giving Crossover.
📈 Volume increase along with price.
📈 Right now RSI is around 65.
⏱️ C.M.P 📑💰- 49.60
🟢 Target 🎯🏆 - 57
⚠️ Stoploss ☠️🚫 - 45
⚠️ Important: Always maintain your Risk & Reward Ratio.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
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Renuka Sugar Short Term 📊 Shree Renuka Sugar
Near support zone
Looking good for short-term
Stop loss 40 closing basis daily
Tgt 60+
Bullish for long-term
No SL
Tgt 125+
Keep on radar
Long Renuka Sugar Weekly time frame Renuka CMP 44.80 Weekly Time Frame Showing Harmonic Pattern Current Level Entry at 42.35 and its target 1 53.34 target 2 65.59 stop loss 31.32
Rounding Bottom weekly chart Above 59 breakout
Target 68, 76, 88 Levels.
SL : 48
Risk is yours and Reward is too yours totally
Time Frame : 1to3 Months
renuka sugars - LongWeekly narrow CPR and tmw ascending CPR
if 9:15 candle 15 mins candle can close above CPR , then its a good sign of trend changing
safe entry after 48.10 , were it crosses monthly CPR
SL 46
Watchlist--swing trade
--Good for long run
--sugar sector in focus
--Cup and handle pattern in 1H TF
--enter after breakout with good volume
--personal view in Bull
Disclaimer:
- The view expressed here is my personal view
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
-- Do your own analysis and consult your financial adviser if need
RENUKA | Swing Trade📊 Details
Incorporated in 1995, Shree Renuka Sugars Ltd does manufacturing and refining of sugar, ethyl alcohol, ethanol, generation and sale of power
Disclaimer: This analysis Is intended solely For educational purposes And does Not imply that I am a SEBI registered analyst.
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