EquityPandit’s Outlook for Lupin for the week (January 02, 2017 – January 06, 2017) :

LUPIN:

Lupin closed the week on positive note gaining around 2.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1397 and close the week around the levels of 1487.

Minor support for the stock lies in the zone of 1450. 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, November – 2016 & December – 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 1540 to 1560 where the stock has formed a double top pattern and 200 Daily SMA is lying.

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