EquityPandit’s Outlook for Lupin for the week (February 29, 2016 – March 04, 2016):

LUPIN:

Lupin closed the week on negative note losing around 3.50%.

As we have mentioned last week that resistance for the stock lies in the range of 1820 where 200 Daily SMA is lying. If the stock closes above this levels then the stock can move to the levels of 1850 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 1820 and sold off to close the week around the levels of 1727.

Support for the stock lies in the zone of 1700 to 1720 where the stock has broken out after 2 weeks of consolidation is lying. If the stock closes below this levels then the stock can drift to the levels of 1600 to 1650 where channel support for the stock is lying.

Resistance for the stock lies in the zone of 1760 to 1780 where short term moving averages are lying. If the stock manages to close above this levels then the stock can move to the levels of 1820 where 200 Daily SMA is lying.

Broad range for the stock is seen from 1680 – 1700 on downside to 1800 – 1820 on upside.