EquityPandit’s Outlook for Lupin for the week  (April 24, 2017 – April 28, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 1.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 1430 to 1440 from where the stock has broken down on weekly basis after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 1480 to 1500 where Fibonacci level is lying and medium term moving averages are lying. During the week the stock manages to hit a high of 1442 and close the week around the levels of 1408.

Support for the stock lies in the zone of 1380 to 1400 where the stock has made a bottom in the month of June – 2016, November – 2016 & December – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 1280 to 1300 where the stock has taken support on 29/03/2017.

Resistance for the stock lies in the zone of 1430 to 1440 from where the stock has broken down on weekly basis after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 1480 to 1500 where Fibonacci level is lying and medium term moving averages are lying.

Broad range for the stock is seen from 1330 – 1350 on downside & 1450 – 1460 on upside.