EquityPandit’s Outlook for Lupin for the week (April 04, 2016 – April 08, 2016):

LUPIN:

Lupin closed the week on negative note losing around 3.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 1550 to 1600 where the stock has broken down from the channel support which was holding the stock since the month of May – 2015. If the stock manages to close above this levels then the stock can move to the levels of 1690. During the week the stock manages to hit a high of 1548 and sold off to close the week around the levels of 1465.

Support for the stock lies in the zone of 1300 to 1350 where monthly retracement for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 1250.

Resistance for the stock lies in the zone of 1500 to 1550 where 500 Daily SMA and channel support which was holding the stock since the month of May – 2015. If the stock manages to close above this levels then the stock can move to the levels of 1650 to 1700 where short term moving averages are lying.

Broad range for the stock is seen from 1375 – 1400 on downside to 1550 – 1600 on upside.