EquityPandit’s Outlook for Lupin for the week (December 12, 2016 – December 16, 2016) :

LUPIN:

Lupin closed the week on positive note gaining around 1.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1520 to 1540. Resistance for the stock lies in the zone of 1550 to 1570 where the stock has formed a double top pattern and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1600. During the week the stock manages to hit a high of 1548 and close the week around the levels of 1512.

Minor support for the stock lies in the zone of 1460 to 1480. Support for the stock lies in the zone of 1420 to 1440 from where the stock has broken out of the consolidation zone on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 1380 to 1400 where the stock has made a bottom in the month of June – 2016.

Minor resistance for the stock lies in the zone of 1520 to 1540. Resistance for the stock lies in the zone of 1550 to 1570 where the stock has formed a double top pattern and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1600.

Broad range for the stock is seen from 1420 – 1440 on downside to 1550 – 1560 on upside.