Gujral told CNBC-TV18, "Retail investors should remember that the market is about booking profits. So please do not buy SRF and continue to hold forever. Some profit targets need to be there, Rs 238 is a key resistance; above that we are looking at a level of about Rs 261."

He further added, "A trailing stop loss can be used as Rs 226. So one can hold on probably right another Rs 20-25. But one needs to remember this is sideways to an up market, which means that market will go in both directions. It is not probably as strong bull market as we saw earlier but more a ranging sort of with an upward bias."

Disclosure: I don't have any personal positions.