EquityPandit’s Outlook for Lupin for the week (Aug 14, 2017 – Aug 18, 2017) :
Lupin closed the week on negative note losing around 5.20%.
As we have mentioned last week, that support for the stock lies in the zone of 950 to 960 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can witness a freefall and the stock can drift to the levels of 870 to 880. During the week the stock manages to hit a low of 920 and close the week around the levels of 941.
The stock is in strong downtrend and the support levels are not holding. Support for the stock lies in the zone of 870 to 880 where long term Fibonacci level is lying.
Resistance for the stock lies in the zone of 950 to 960 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 1030 to 1040 from where the stock broke down from July-2017 low.
Broad range for the stock in coming week can be seen from 900 – 910 on downside & 1000 – 1010 on upside.