EquityPandit’s Outlook for Lupin for week (August 03, 2015 – August 07, 2015):  

LUPIN:

Lupin closed the week on positive note gaining more than 1%.

The stock has taken support around the trend-line positioned at the levels of 1590 and bounced back above the 200 Daily SMA to close the week at 1697.

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

If the stock manages to close above the levels of 1710 the stock can move to the levels of 1825 where 100 Daily SMA is positioned.

The stock has formed a Bearish engulfing pattern on monthly charts indicates that every bounce will be sold off.

Support for the stock lies in the zone of 1650 where 200 Daily SMA and channel support are positioned.

Resistance for the stock lies in the zone of 1750 to 1770 where 20 Daily EMA and 50 Daily EMA are positioned.

Broad range for the stock is seen from 1650 – 1670 on downside to 1750 – 1780 on upside.