EquityPandit’s Outlook for Lupin for the week  (July 31, 2017 – Aug 04, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 6.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 1160 to 1170 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1200 to 1220 where high for the month of June-2017 is lying. During the week the stock manages to hit a high of 1175 and close the week around the levels of 1064.

Support for the stock lies in the zone of 1030 to 1040 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 950 to 960 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 1075 to 1080. Resistance for the stock lies in the zone of 1115 to 1125 where short term moving averages and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 1140 to 1150 from where the stock broke down after consolidation.

Broad range for the stock in coming week can be seen from 1000 – 1010 on downside & 1100 – 1110 on upside.