''Traders can buy SRF on dips to Rs 211 for a target of Rs 240 with a strict stop loss placed below Rs 200 from perspective of 4-5 weeks,'' said Rahul Randeria, technical analyst, IDBI Capital.
"Yesterday, SRF has formed an engulfing bullish candle on the daily charts. The stock is hovering in a rectangular channel. However, momentum averages are turning positive from the oversold region. On the oscillator's front; RSI & MACD are placed with positive signals on the daily charts,'' said Randeria.
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