EquityPandit’s Outlook for Lupin for the week (August 31, 2015 – September 04, 2015):

LUPIN:

Lupin closed the week on negative note losing around 1%.

As we have mentioned last week that the stock is approaching towards the strong resistance zone of 1950 where downward sloping trend-line joining high and also the channel resistance are positioned. If the stock breaks below the levels of 1800 the stock can move to the levels of 1680 where 200 Daily SMA and channel support for the stock are positioned. The stock hit a low of 1715 during the week and bounce back to the levels of 1860.

On 28/08/2015, the stock retraced from the resistance zone of 1950 to close around the levels of 1860.

Support for the stock lies in the zone of 1700 to 1750 where 100 and 200 Daily moving averages are positioned below which the stock can drift to the levels of 1600.

Resistance for the stock lies in the zone of 1950 where downward sloping trend-line are positioned. Above the levels of 1950 the stock can move to the levels of 2100.

Broad range for the stock is seen from 1700 – 1750 on downside to 1950 – 2000 on upside.