EquityPandit’s Outlook for Lupin for week (July 06, 2015 – July 10, 2015):
Lupin closed the week on positive note gaining around 4%.
As we have suggested last week that the stock has formed a Hanging Man pattern on the weekly charts in the uptrend near the resistance zone of 1850. The stock has to close above the levels of 1850 on weekly basis to negate this pattern.
As seen from the chart as soon as the stock moves above the levels of 1850 the stock zooms to the levels of 1900.
The stock is facing stiff resistance around the zone of 1900 where upward moving trend-line are positioned. If the stock manages to close above the levels of 1920 we may see huge spurt in the stock which may take the stock to the levels of 2000.
Support for the stock lies in the range of 1850 to 1870 where short term moving averages are lying.
Broad range for the stock is seen from 1850 – 1870 on downside to 1920 – 1950 on upside.