EquityPandit’s Outlook for Lupin for the week (January 18, 2016 – January 22, 2016):

LUPIN:

Lupin closed the week on negative note losing around 0.70%.

As we have mentioned last week that support for the stock lies in the zone of 1680 to 1690 where the stock has formed a medium term bottom in the month of December – 2015. If the stock closes below this levels then the stock can drift to the levels of 1600 where channel support for the stock is lying. During the week the stock manages to hit a low of 1636 and bounce to close the week around the levels of 1701.

Support for the stock lies in the zone of 1630 to 1650 where the stock has formed a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 1600 where channel support for the stock is lying.

Resistance for the stock lies in the zone of 1750 to 1800 where short term moving averages are lying. If the stock closes above this levels then the stock can move to the levels of 1850 where 200 Daily SMA is lying.

The stock has formed a Hammer pattern on weekly charts in a downtrend indicating the trend reversal or pause in the downtrend.

Broad range for the stock is seen from 1600 – 1620 on downside to 1780 – 1800 on upside.