EquityPandit’s Outlook for Lupin for week (August 10, 2015 – August 14, 2015):

LUPIN:

Lupin closed the week on absolutely flat note.

As we have mentioned last week that if the stock manages to close above the levels of 1710 the stock can move to the levels of 1825 where 100 Daily SMA is positioned. The stock hit a high of 1717 but could not close above the levels of 1710. The stock closed the week around the levels of 1693.

The stock has formed a Hanging Man Pattern on Weekly charts in uptrend indicating the trend reversal. The stock has to close above the levels of 1717 to negate this pattern.

The stock has formed a Bearish engulfing pattern on monthly charts indicates that every bounce will be sold off.

Support for the stock lies in the zone of 1660 to 1680 where short term moving averages, 200 Daily SMA and channel support are positioned.

Resistance for the stock lies in the zone of 1740 to 1770 where 20 Daily EMA and 50 Daily EMA are positioned.

Broad range for the stock is seen from 1650 – 1670 on downside to 1750 – 1780 on upside.