EquityPandit’s Outlook for Lupin for the week (March 28, 2016 – April 01, 2016):
Lupin closed the week on negative note losing around 2.00%.
As we have mentioned last week that 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. During the week the stock manages to hit a low of 1501 and close the week around the levels of 1524.
Support for the stock lies in the zone of 1500 from where the stock has broken out in the month of Jan – 2015. If the stock manages to close below this levels then the stock can drift to the levels of 1350.
Resistance for the stock lies in the zone of 1550 to 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 1460 – 1480 on downside to 1600 – 1630 on upside.