Todays Pick

Nucleus Software Exports (₹631.5): Buy

Yoganand D BL Research Bureau | Updated on July 01, 2021

The stock of Nucleus Software Exports gained 3.8 per cent accompanied with extraordinary volume on Wednesday and has breached a key short-term resistance at ₹618 levels. This rally has strengthened the medium-term uptrend that has been in place from the March 2021 low of ₹476 levels. Investors with a medium-term horizon can buy the stock at current levels.

Short-term trend is also up for the stock. It recently surpassed the 21- and 50-day moving averages and trades well above them. Over last two trading sessions, the stock has advanced 6 per cent with increase in volume. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI features in the bullish zone backing the uptrend. Further, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain indicating buying interest.

The stock has potential to trend upwards and hit the price targets of ₹657 and ₹670 in the upcoming trading session. Traders with a short term perspective can buy the stock with a stop-loss at ₹618 levels.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on July 01, 2021

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