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The stock of Nucleus Software Exports surged 9 per cent on Thursday accompanied by above average volume. Investors with a short-term horizon can buy the stock at current levels. The medium-term downtrend which began from the September 2014 peak of ₹273 found support at around ₹180 in mid-December. The stock has significant long-term support in the band between ₹175 and ₹180. After testing this support once again in the past week, the stock has reversed higher triggered by a positive divergence in the daily relative strength index.
The daily RSI has entered into the neutral region and is moving towards the bullish zone along with the weekly RSI. The recent rally has breached the stock’s immediate resistance at ₹192 showing signs of bullishness. It can continue to trend northwards and reach the price target of ₹209 and ₹213 levels. Buy the stock with a stop-loss at ₹196.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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