EquityPandit’s Outlook for Lupin for the week (August 16, 2016 – August 19, 2016):

LUPIN:

Lupin closed the week on negative note losing around 5.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1690 to 1710. Resistance for the stock lies in the zone of 1750 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 1800 from where the stock has sold off in the month of March – 2016. During the week the stock manages to hit a high of 1728 and close the week around the levels of 1582.

Minor support for the stock lies in the range of 1540. Support for the stock lies in the zone of 1500 from where the stock broke out of the consolidation zone in the month of June – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 1400 where the stock has made a short term bottom.

Minor resistance for the stock lies in the zone of 1620 to 1640. Resistance for the stock lies in the zone of 1650 to 1670 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1750 where the stock has formed a short term top.

Broad range for the stock is seen from 1500 – 1510 on downside to 1650 – 1660 on upside.