Bajaj Hindusthan can test Rs 85-90: Gujral

Technical Analyst, Ashwani Gujral is of the view that Bajaj Hindusthan can test Rs 85-90.

Gujral told CNBC-TV18, "Sugar seems to be in some sort of an uptrend. Also, from a longer-term point of view, it is making some sort of bottom at those Rs 35-40 kind of levels. Bajaj Hindusthan has consolidated around Rs 60. Once it can move past Rs 70, I think you could see levels of Rs 85-90 back on that stock. Balrampur Chini can get back up to Rs 65. We are expecting Rs 88-92 to come back on Renuka."

He further added, "Fertiliser is still not so clear. These stocks are also trying to make a bottom. Nagarjuna Fertiliser needs to move back above Rs 18.50-19. It has got support around Rs 14-15 kind of level. A lot of midcaps have reached levels where the downside is quite minimal. You just have to buy them and hold them. Whenever the market does improve, you will find that these stocks can easily double from current levels."

"Chambal has support around Rs 33. It has got a resistance around Rs 43, again, flat formation, no more fresh lows. So, there is a lot of basing that is happening in these erstwhile favorites."