EquityPandit’s Outlook for Lupin for the week (August 24, 2015 – August 28, 2015):
Lupin closed the week on positive note gaining more than 4%.
The stock is approaching towards the strong resistance zone of 1950 where downward sloping trend-line joining high and also the channel resistance are positioned.
If the stock manages to close above the levels of 1950 the stock will break out of the downward sloping trend-line and can move to the levels of 2100.
If the stock breaks below the levels of 1800 the stock can move to the levels of 1680 where 200 Daily SMA and channel support for the stock are positioned.
Support for the stock lies in the zone of 1800 to 1850 where short term and 100 Daily moving averages are positioned below which the stock can drift to the levels of 1700.
Resistance for the stock lies in the zone of 1950 to 1980 where downward sloping trend-line are positioned. Above the levels of 1980 the stock can move to the levels of 2100.
Broad range for the stock is seen from 1800 – 1820 on downside to 1970 – 1990 on upside.