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

LUPIN:

Lupin closed the week on positive note gaining around 0.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 1550 to 1600 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 these levels then the stock can move to the levels of 1650 to 1700 where short term moving averages are lying. During the week the stock manages to hit a high of 1569 and close the week around the levels of 1549.

Minor support for the stock lies in the zone of 1450. 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 these levels then the stock can drift to the levels of 1250.

Resistance for the stock lies in the zone of 1550 to 1600 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 these 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 1430 – 1450 on downside to 1590 – 1620 on upside.