EquityPandit’s Outlook for Lupin for the week (May 08, 2017 – May 12, 2017) :
Lupin closed the week on negative note losing around 6.40%.
As we have mentioned last week that support for the stock lies in the zone of 1280 to 1300 where the stock has taken support on 29/03/2017. If the stock manages to close below these levels then the stock can witness a major breakdown on long term charts and 1200 to 1220. During the week the stock manages to hit a low of 1250 and close the week around the levels of 1252.
The stock has broken down on long term charts. Virtually no support lies for the stock. Long term support for the stock lies in the zone of 1000 to 1050.
Resistance for the stock lies in the zone of 1280 to 1300 from where the stock has broken down from the lows of March-2017. If the stock manages to close above these levels then the stock can move to the levels of 1330 to 1350.
Broad range for the stock in coming week can be seen from 1200 – 1210 on downside & 1300 – 1310 on upside.