EquityPandit’s Outlook for Lupin for the week (November 16, 2015 – November 20, 2015):
Lupin closed the week on negative note losing around 4.35%.
As we have mentioned last week that resistance for the stock lies in the zone of 1900 to 1920 where short term moving averages and 100 Daily SMA are positioned. If the stock manages to close above the levels of 1920 then the stock can move to the levels of 1950 where trend-line resistance for the stock is lying. During the week the stock manages to hit a high of 1884 and sold off to close the week around the levels of 1778.
The stock is trading below the strong support zone of 1820 where 200 Daily SMA is lying. Minor support for the stock lies in the zone of 1760. If the stock closes below this levels then the stock can drift to the levels of 1600 where channel support for the stock is lying.
Strong Resistance for the stock lies in the zone of 1830 to 1870 where 100 & 200 Daily SMA are positioned. If the stock closes above this levels then the stock can move to the levels of 1900.
Broad range for the stock is seen from 1700 – 1720 on downside to 1820 – 1840 on upside.