EquityPandit’s Outlook for Lupin for the week (December 19, 2016 – December 23, 2016) :

LUPIN:

Lupin closed the week on negative note losing around 2.80%.

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 1525 and close the week around the levels of 1468.

Minor support for the stock lies in the zone of 1460 to 1470. Support for the stock lies in the zone of 1420 to 1440 from where the stock has broken out of the consolidation zone. 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 1480 to 1490. Resistance for the stock lies in the zone of 1510 to 1520 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1550 to 1570 where the stock has formed a double top pattern and 200 Daily SMA is lying.

Broad range for the stock is seen from 1420 – 1430 on downside to 1500 – 1510 on upside.