EquityPandit’s Outlook for Lupin for the week (May 23, 2016 – May 27, 2016):

LUPIN:

Lupin closed the week on negative note losing around 5.30%.

As we have mentioned last week that the stock has close around the resistance zone of 1600 where channel support which was holding the stock since the month of May – 2015 is lying. If the stock manages to close above these levels then the stock can move to the levels of 1650 to 1700 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 1689 and close the week around the levels of 1505.

Minor support for the stock lies in the zone of 1500. Support for the stock lies in the zone of 1400 to 1450 from where the stock has bounced in the month of March-2016.

Resistance for the stock lies in the zone of 1580 to 1600 where channel support which was holding the stock since the month of May – 2015 is lying. If the stock manages to close above these levels then the stock can move to the levels of 1650 to 1700 where 100 Daily SMA is lying.

Broad range for the stock is seen from 1400 – 1450 on downside to 1580 – 1620 on upside.