EquityPandit’s Outlook for Lupin for the week  (Feb 18, 2019 – Feb 22, 2019) :

LUPIN:

Lupin closed the week on negative note losing around 6.70%.

As we have mentioned last week, that support for the stock lies in the zone of 820 to 830 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 790 to 800 where Fibonacci levels are lying. During the week the stock manages to hit a low of 767 and close the week around the levels of 775.

Support for the stock lies in the zone of 740 to 750 where the stock has formed a low in the month of June-2018. If the stock manages to close below these levels then the stock can drift to the levels of 720 to 730 where the stock has formed a low in the month of March-2018 and May-2018.

Resistance for the stock lies in the zone of 790 to 800 from where the stock has broken down from the low of August-2018 and December-2018. If the stock manages to close above these levels then the stock can move to the levels of 850 to 860 where Fibonacci levels and short; medium and long term moving averages are lying.

Broad range for the stock in coming week can be seen from 720 – 730 on lower side & 820 – 830 on upper side.