SRF: Resilient Amid Market Correction & Faces Strong Resistance
Topic Statement:
SRF has held up well compared to the broad market correction, but it now faces a crucial resistance level that will determine its next move.
Key points:
1. The stock is moving in a sideways zone with clear accumulation and distribution levels.
2. The price is attempting a breakout from the distribution zone but faces stiff resistance at the level of 3,000.
3. Weekly RSI is at 68, indicating overbought conditions.
4. The company has a high PE of 73.9, suggesting the stock is expensive.
SRF has held up well compared to the broad market correction, but it now faces a crucial resistance level that will determine its next move.
Key points:
1. The stock is moving in a sideways zone with clear accumulation and distribution levels.
2. The price is attempting a breakout from the distribution zone but faces stiff resistance at the level of 3,000.
3. Weekly RSI is at 68, indicating overbought conditions.
4. The company has a high PE of 73.9, suggesting the stock is expensive.
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