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Buy Geodesic; target of Rs 130/35: Aditya Birla Money
Aditya Birla Money is bullish on Geodesic and has recommended buy rating on the stock with a target of Rs 130/35 in its September 17, 2010 research report.
Aditya Birla Money is bullish on Geodesic and has recommended buy rating on the stock with a target of Rs 130/35 in its September 17, 2010 research report.
"GEODESIC has been trading in a well channelled downtrend. A breach of channel band on closing basis will also lead to the breach of 200 DEMA and then would lead to a change in polarity for the stock from immediate downtrend to a fresh uptrend. Yesterday's price action produced a Morning Star that too on good volumes, where volumes were greater than its past 20 day average. At its CMP of Rs 103.35 its standing right at the upper end of the channel where it is finding resistance from the upper band of the channel and 200 Day Exponential Moving Averages (DEMA) and at the same time finding support from its multiple DEMA's (21,55,89 and 144) all being placed within a band of Rs 99 and Rs 103. We suggest buying GEODESIC above yesterdays high of Rs 106 with a closing stop-loss of Rs 96 for a possible target of Rs 130/35 levels," says Aditya Birla Money research report.
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