EquityPandit’s Outlook for Lupin for the week (September 07, 2015 – September 11, 2015):
Lupin closed the week on absolutely flat note.
As we have mentioned last week that 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 and this week also the stock was not able to move above the levels of 1950 and sold off to the levels of 1860.
The stock has formed a Shooting star pattern on weekly charts in an uptrend indicating the trend reversal.
If the stock moves below the levels of 1840 on closing basis the stock can drift to the support zone of 1720 to 1780 where 100 and 200 Daily moving averages are positioned below which the stock can drift to the levels of 1600.
Resistance for the stock lies in the zone of 1950 where downward sloping trend-line are positioned. Above the levels of 1950 the stock can move to the levels of 2100.
Broad range for the stock is seen from 1700 – 1750 on downside to 1950 – 2000 on upside.