EquityPandit’s Outlook for Lupin for the week (October 05, 2015 – October 09, 2015):
Lupin closed the week on positive note gaining around 6%.
As we have mentioned last week that the stock is in strong uptrend and the stock is approaching towards the all time high around the levels of 2100. During the week the stock manages to hit a high of 2128 and close the week around the around the levels of 2109.
Support for the stock lies in the range of 2000 to 2050 where short term moving averages are positioned.
Resistance for the stock lies in the range of 2120 where upper end of the channel is positioned. This channel is formed by joining the lows of 1588 (14/05/2015) and 1590 (29/07/2015) and highs of 2115 (08/04/2015).
During this week we expect the stock to consolidate in the range of 2020 on downside to 2130 on upside.
Broad range for the stock is seen from 2000 – 2030 on downside to 2130 – 2150 on upside.