EquityPandit’s Outlook for Lupin for the week (October 19, 2015 – October 23, 2015):

LUPIN:

Lupin closed the week on absolutely flat note.

As we have mentioned last week that support for the stock lies in the range of 2000 to 2030 where short term moving averages are positioned. If the stock closes below this levels then the stock can drift to the levels of 1900 where trend-line support for the stock is positioned. During the week the stock manages to hit a low of 2001 and bounce back to close the week around the levels of 2055.

Support for the stock lies in the range of 2000 to 2020 where short term moving averages are positioned. If the stock closes below this levels then the stock can drift to the levels of 1900 where trend-line support for the stock is positioned.

Resistance for the stock lies in the range of 2120 where upper end of the channel is positioned. This channel is formed by joining the lows of 1588 (14/05/2015) and 1590 (29/07/2015) and highs of 2115 (08/04/2015). If the stock manages to close above the levels of 2120 then the stock can move to the levels of 2150 to 2170.

Broad range for the stock is seen from 1970 – 2000 on downside to 2100 – 2120 on upside.