EquityPandit’s Outlook for Lupin for the week (August 01, 2016 – August 05, 2016):

LUPIN:

Lupin closed the week on positive note gaining around 2.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 1650. Support for the stock lies in the zone of 1580 to 1590 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1510 to 1530 where short term moving averages are lying. During the week the stock manages to hit a low of 1669 and close the week around the levels of 1740.

Support for the stock lies in the zone of 1680 to 1700 where long term moving averages are lying. Support for the stock lies in the zone of 1600 to 1620 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1510 to 1530 where short term moving averages are lying.

Resistance for the stock lies in the zone of 1800 where the stock has opened gap down on 15/03/2016. If the stock manages to close above these levels then the stock can move to the levels of 1850 to 1870.

Broad range for the stock is seen from 1680 – 1700 on downside to 1780 – 1800 on upside.