Technical Pick – SRF Ltd
• SRF Ltd is finding support at 1580 and resistance above 1650.
•On Daily chart, SRF Ltd is showing breakout point above 1650 level.Break and sustain above 1650 will see nonstop rally till 1740---1780++ in weeks to come.
•SRF Ltd has been trading in a broader range of 1352--1969 for last one year.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 1740---1780++ mark in coming weeks.
For positional trade, stop loss seeing below 1580 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy SRF above 1650 and add more in panic around 1640 for the initial upside target of 1740---1780++ mark with stop loss below 1580 on closing basis.
More will update soon !!
