A bullish engulfing pattern in SRF

SRF is in a steady uptrend with price taking support at rising trendline and a horizontal support zone. The appearance of a bullish engulfing pattern at the support zone offers a good trade.

SRF is in a steady uptrend as we see a pattern of higher highs and higher lows. Price is currently taking support at rising trendline and a horizontal support zone of Rs 4350-4300. Note the support offered by rising moving average. The price action is clearly bullish. The appearance of a bullish engulfing pattern right in the support zone means that the buyers are active in this counter. Buy around Rs 4450-4440 for a rally to Rs 4530 and above that to Rs 4610. Keep a stop below Rs 4350. Hold this trade for 3-5 days.

Disclaimer: Investment in securities markets are subject to Market Risk. Consult your financial advisor before any investments.

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