EquityPandit’s Outlook for Lupin for the week (December 07, 2015 – December 11, 2015):
Lupin closed the week on negative note losing around 0.50%.
As we have mentioned last week that 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. During the week the stock manages to hit a high of 1879 and retraced to close the week around the levels of 1805.
Support for the stock lies around the levels 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 1840 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.
The stock has formed a Shooting star pattern on weekly charts indicating the trend reversal in an uptrend. The stock has to close above the strong resistance zone of 1870 to negate this pattern.
Broad range for the stock is seen from 1760 – 1780 on downside to 1860 – 1880 on upside.