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The short-term outlook is bullish for Geojit Financial Services. The stock had surged over 5 per cent on Wednesday, when the broader market had declined. Immediate support is at ₹56.50. Below that, ₹54 is a slightly lower support. The 21-day moving average is also poised near ₹54, and that makes it a strong support. Immediate resistance is at ₹59.50. But the chances are looking high for the stock to break this resistance and move higher.
Geojit Financial Services share price can rise to ₹63-65 over the next two to three weeks. Traders can go long at current levels. Accumulate on dips at ₹57. Keep the stop-loss at ₹55. Trail the stop-loss up to ₹60 as soon as the stock moves up to ₹61. Move the stop-loss further up to ₹61.5 when the price touches ₹62. Exit the long positions at ₹63.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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