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IT stock rises 10% despite weakness in stock market today. Should you buy?

Stock market today: Despite BSE Sensex losing over 600 points and NSE Nifty dipping over 150 points in early morning deals, Nucleus Software Exports Ltd. share price has surged more than 10 per cent today. Nucleus Software share price today opened with a downside gap of 1.80 per share but soon started skyrocketing and hit intraday high of 425 apiece levels, logging more than 10 per cent rise from its previous close.

According to stock market experts, stock is bullish from both technical and fundamental perspective and it may go up to 640 per share levels. Share market experts said that recent Nucleus Software buyback announcement and a large ticket software order from Vietnam Commercial Bank has been taken positively by the markets. Apart from this, the IT stock is looking positive on technical chart pattern as it has given fresh breakout at 575 levels.

Speaking on the reasons that are fueling Nucleus Software share price in this weak market; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Market is reacting to Nucleus Software share buyback announced at 700 per share. It has got big order from Vietnam Commercial Bank that has helped company’s export jump by 4.90 per cent. So, these are the two fundamentals that have made this stock a value pick for bulls in this falling market.”

Advising positional investors to add Nucleus Software shares in one’s portfolio; Mudit Goel, Senior Research Analyst at SMC Global Securities said, “The stock looks positive on chart pattern. It has given fresh breakout at 575 apiece levels and it may test 640 per share levels in short term. So, one can buy this IT counter at current levels maintaining stop loss at 550 levels.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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