Geometric has target of Rs 72: Thacker

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Geometric has target of Rs 72, says Mitesh Thacker , Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "I am clearly focused on midcap stocks which can gain some momentum today; large caps will go into some consolidation. On Geometric we are looking for a target of Rs 72 today."

He further added, "The midcap IT segment and especially companies like Geometric look pretty okay on the long term charts. This is a sector which is outperforming the market but the midcaps are yet to catch up, so once it manages to get past the levels of Rs 72-75 you will see more upward momentum and probably the speed of rise will also increase. So I will wait for a breakout above Rs 75 as a serious investor and then put some money in it."

At 14:17 hrs the share was quoting at Rs 67.90, up Rs 0.60, or 0.89%. Yesterday the share closed up 3.14% or Rs 2.05 at Rs 67.30.

The company touched its 52 week high Rs 79.50 and 52 week low Rs 15.45 on 19 Jan, 2010 and 18 Mar, 2009, respectively. Currently, it is trading -14.59% below its 52-week high and 339.48% above its 52-week low. Market capitalisation stands at Rs 421.76 crore.