EquityPandit’s Outlook for Lupin for the week (January 04, 2016 – January 08, 2016):
Lupin closed the week on positive note gaining around 2.30%.
As we have mentioned last week that the stock has closed around the strong resistance zone of 1780 to 1800 where short term moving averages are lying. If the stock manages to close above this levels then the stock can move to the levels of 1840 to 1870 where 100 & 200 Daily SMA are positioned. During the week the stock manages to hit a high of 1865 and closed the week around the levels of 1845.
Support for the stock lies in the zone of 1800 to 1820 from where the stock has broken out of the consolidation range. If the stock closes below the levels of 1800 then the stock can drift to the levels of 1730 to 1750 where the stock has made the short term bottom. If the stock closes below this levels then the stock can drift to the levels of 1680.
The stock has closed around the strong resistance zone of 1845 where 200 Daily SMA is lying. If the stock manages to sustain above this levels then the stock can move to the levels of 1880 where 100 Daily SMA is positioned.
Broad range for the stock is seen from 1800 – 1820 on downside to 1870 – 1890 on upside.