EquityPandit’s Outlook for Lupin for the week (January 23, 2017 – January 27, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 2.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1455 and close the week around the levels of 1465.

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 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 1420 – 1430 on downside to 1490 – 1500 on upside.