EquityPandit’s Outlook for Lupin for the week (Mar 12, 2018 – Mar 16, 2018) :
Lupin closed the week on negative note losing around 4.90%.
As we have mentioned last week, that support for the stock lies in the zone of 800 to 805 where the stock has formed a bottom in the month of December-2017. If the stock manages to close below these levels then the stock can drift to the levels of 780 to 790 where the stock has formed short term bottom. During the week the stock manages to hit a low of 750 and close the week around the levels of 764.
The stock is in strong downtrend and support levels are not holding. Support for the stock lies in the zone of 750 to 760. If the stock manages to close below these levels then the stock can drift to the levels of 715 to 725.
Resistance for the stock lies in the zone of 780 to 790 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 845 to 850 where break down levels and short term moving averages are lying.
Broad range for the stock in coming week can be seen from 720 – 730 on lower side & 800 – 810 on upper side.