EquityPandit’s Outlook for Lupin for the week (January 16, 2017 – January 20, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 1525 to 1530 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1550 to 1560 where the stock has formed a double top pattern. During the week the stock manages to hit a high of 1525 and close the week around the levels of 1496.

Minor support for the stock lies in the zone of 1475 to 1485 where medium term moving averages are lying. 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.

Resistance for the stock lies in the zone of 1525 to 1530 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1550 to 1560 where the stock has formed a double top pattern.

Broad range for the stock is seen from 1450 – 1460 on downside to 1550 – 1560 on upside.