EquityPandit’s Outlook for Lupin for the week (January 11, 2016 – January 15, 2016):
Lupin closed the week on negative note losing around 1.70%.
As we have mentioned last week that 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. During the week the stock manages to hit a high of 1838 and sold off to close the week around the levels of 1712.
Support for the stock lies in the zone of 1680 to 1690 where the stock has formed a medium term bottom in the month of December – 2015. 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.
Resistance for the stock lies in the zone of 1750 to 1800 where short term moving averages are lying. If the stock closes above this levels then the stock can move to the levels of 1850 where 200 Daily SMA is lying.
Broad range for the stock is seen from 1600 – 1620 on downside to 1800 – 1820 on upside.