EquityPandit’s Outlook for Lupin for the week (March 21, 2016 – March 23, 2016):
Lupin closed the week on negative note losing around 16.00%.
As we have mentioned last week that resistance for the stock lies in the range of 1900 where the stock has made a top in the month of Feb – 2016. If the stock manages to close above this levels then the stock can move to the levels of 2100 where trend-line joining earlier highs is lying. During the week the stock manages to hit a high of 1874 and sold off to close the week around the levels of 1558.
Stock has closed around the support zone of 1550 to 1580 where 500 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close below this levels then the stock can drift to the levels of 1350 where the stock has made a bottom in the month of Jan – 2015.
Resistance for the stock lies in the zone of 1600 where the stock has broken down from the channel support which was holding the stock since the month of May – 2015. If the stock manages to close above this levels then the stock can move to the levels of 1690.
Broad range for the stock is seen from 1500 – 1520 on downside to 1600 – 1630 on upside.