EquityPandit’s Outlook for Lupin for week (July 27, 2015 – July 31, 2015):
Lupin closed the week on negative note losing more than 15%.
As we have mentioned last week that if the stock manages to cross above the trend-line resistance positioned around the levels of 2000 we may see stock moving towards the levels of 2100. The stock hit a high of 1983 levels and sold off to the levels of 1672, a drop of around 15% during the week.
As seen from the chart the stock is approaching towards the strong support zone of 1650 where 200 Daily SMA and channel support are positioned.
Resistance for the stock lies in the zone of 1700 to 1730.
Broad range for the stock is seen from 1600 – 1630 on downside to 1700 – 1750 on upside.