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Multibagger stock SRF share price today surged more than 6 per cent in early morning session after the news of being included in the Nifty Next 50 index. As per the information available on NSE, the Index Maintenance Sub-Committee - Equity (IMSC) of NSE Indices Limited has decided to include SRF shares in Nifty Next 50 index and Nifty 100 index. The move is part of its periodic review and the inclusion will become effective from 31st March 2022.

SRF share price today opened with an upside gap of near 84 per share and went on to hit its intraday high of 2413.85 apiece levels, more than 6 per cent from its Thursday close of 2271.40 levels on NSE. According to stock market experts, the counter is expected to give technical breakout above 2450 apiece levels and it may go up to 2600 levels in short term.

SRF share price target for positional investors

Speaking on the reason for rise in SRF share price; Ravi Singhal, Vice Chairman at GCL Securities said, "Announcement of SRF shares' inclusion in Nifty Next 50 index and Nifty 100 index is short term sentiment that is fueling the rally in chemical stock. Apart from this, traditionally chemical stocks give improved quarterly numbers in Q4 in comparison to Q3. So, market is expecting SRF Ltd to follow this tradition. In fact, if we go by tradition, Q1 and Q2 numbers of the chemical companies in next fiscal will be more better than Q4 of the current fiscal. So, SRF shares are expected to beat its recent performance in upcoming trade sessions and one can add this multibagger stock in one's portfolio."

Suggesting positional investors to buy SRF shares; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is bouncing back from its lower levels and may give technical breakout above 2450 on closing basis. After breakout on technical chart pattern, the multibagger stock may give sharp upside movement and can go up to 260 per share levels in one month or say in short term time horizon." He advised positional investors to buy SRF share at current levels for short term target of 2600 maintaining stop loss at 2250 levels.

SRF share price history

In last one month, SRF share price has shed around 2.50 per cent whereas in last 6 months, it has delivered near 35 per cent return to its shareholders. In last one year, it has appreciated near 120 per cent while in last 5 years, this multibagger chemical stock has surged 665 per cent.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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