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Last Updated : Apr 02, 2018 10:56 AM IST | Source: Moneycontrol.com

Buy SRF, stock likely to test Rs 2060: Sameet Chavan

"The ‘RSI-Smoothened’ on the daily chart has surpassed the 70 mark, which we believe would provide the impetus for the next leg of the rally. Hence, we recommend buying for a target of Rs.2060. Traders are advised to follow strict stop loss at Rs 1885, says Sameet Chavan of Angel Broking.

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Sameet Chavan

Chief Analyst, Technicals and Derivatives at Angel Broking

SRF has been maintaining its sturdy structure and is now trading at a kissing distance from its record highs. On Tuesday, we witnessed a good price volume breakout from the recent hurdle of Rs 1950 on a closing basis.

SRF Ltd: BUY | Target: Rs 2060 | Stop loss: Rs 1885 | Return: 5.3%

Due to lack of follow up buying on the following day, the stock prices retraced back to its breakout points, which we construe as a pullback move.

The ‘RSI-Smoothened’ on the daily chart has surpassed the 70 mark, which we believe would provide the impetus for the next leg of the rally. Hence, we recommend buying for a target of Rs.2060. Traders are advised to follow strict stop loss at Rs 1885.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Apr 2, 2018 10:56 am
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