There is a technical pullback rally in most of the IT counters. Godrej investments pvt Ltd had bought 3200000 shares of Geometric on 31st. This means promoters are bullish about the prospects of this company. Few months back Aztec bought a huge quantity of Aztec software when the stock was available at around 50 (Now it is 80).
Technical charts for Geometric have given a short term buy signal clearly. I guess stock is heading to 130 levels soon.
Fundamentally, I don't know the latest developments. Last quarter result was not good (38% decrease in net profit compared to previous quarter). Watch the counter from purely a trading perspective.
Face value of this stock is 2. It has support at 70 and resistance at 130. 20 day moving average line has clearly cut the 50 day moving average line thus giving a clear short term buy signal. But 50 and 100 or 50 and 200 day moving average lines still have not given the long term buy signal. 5, 8 and 13 day moving average lines have given clear short tem buy signal.
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