EquityPandit’s Outlook for Lupin for the week (October 26, 2015 – October 30, 2015):
Lupin closed the week on positive note gaining around 1.2%.
This week the stock traded in the tight range of 2050 on downside to 2100 on upside. A break-out on either side will move the stock further 3% to 4% in that direction.
Support for the stock lies in the range of 2020 to 2040 where short term moving averages are positioned. If the stock closes below this levels then the stock can drift to the levels of 1900 where trend-line support for the stock is 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). If the stock manages to close above the levels of 2120 then the stock can move to the levels of 2150 to 2170.
Broad range for the stock is seen from 2000 – 2020 on downside to 2100 – 2120 on upside.