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Investors with a short-term perspective can consider buying the stock of Nucleus Software Exports. Following a medium-term downtrend, the stock found support at around ₹175 in late September and subsequently changed direction triggered by positive divergence in the daily MACD indicator and started the trend upwards.
Recently, the stock took support at ₹190 and resumed its uptrend. Reinforcing the uptrend Nucleus Software gained 10 per cent with good volume breaking through its immediate resistance at ₹210 on Thursday. This upmove has also conclusively breached its 50- and 200-day moving averages. The daily RSI has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering this zone. Moreover buying interest is seen as the daily as well as weekly price rate of change indicators are featuring in the positive territory. The stock can reach the price target of ₹234 and ₹240 in the short term. Buy the stock with a stop-loss at ₹219.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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