SRF

SRF

Annual Report - SRF - 2009-2010

SRF LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

Yiour Directors are pleased to present the 39th Annual Report for the year
ended 31 March 2010.

SRF

Investors with short-term perspective can consider buying the stock of SRF. It is seen from the charts of the stock that it has been on a steady intermediate-term uptrend. The stock has been forming higher peaks and higher trough from its February 2009 low of Rs 62. Within this uptrend the stock was on a medium-term sideways consolidation in the range between Rs 180 and Rs 220 from last October till early May this year. Subsequently, the stock breached the key resistance level of Rs 220 and is hovering well above it. Moreover, the stock is currently positioned way above its 21- and 50-day moving averages. Reinforcing the bullish momentum, the stock climbed 3 per cent with good volume on Thursday. The daily relative strength index has entered the bullish zone while the weekly RSI is already featuring in this zone. The daily moving average convergence divergence indicator has signalled a buy and is hovering in the positive territory. We like the stock from a short-term perspective and its short-term outlook is also bullish. We anticipate the stock to rally until it hits our price targets of Rs 242 or Rs 250 in the approaching sessions. Short-term traders can buy the stock with stop-loss at Rs 226.

via BL

SRF

SRF

SRF

We recommend a buy in the SRF stock from a short-term trading perspective. It is apparent from the charts of SKF that it has been on a medium-term up trend since its one-year low of Rs 62, recorded on February 3. Since this low the stock has been forming higher peaks and higher bottoms. While trending upward, the stock breached its 50-day moving average in late February and has been trading well above this average. Most recently the stock encounters resistance around Rs 95 and made a minor pullback to Rs 75 level. However, the stock resumed its medium-term uptrend after taking support from the up trendline around Rs 78. The daily relative strength index is on the verge of re-entering the bullish zone from the neutral region. Considering that the medium-term up trendline is intact, we are bullish on the stock from a short-term horizon. We expect the stock’s uptrend to continue until it hits our price target of Rs 94 in the upcoming trading sessions. Traders with short-term trading perspective can buy the stock while maintaining a stop-loss at Rs 81.

Anand Rathi - SRF

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Thanks Naresh