EquityPandit’s Outlook for Lupin for the week (July 04, 2016 – July 08, 2016):

LUPIN:

Lupin closed the week on positive note gaining around 6.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 1510 to 1530 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1580 to 1600 where channel support which was holding the stock since the month of May – 2015 is lying. During the week the stock manages to hit a high of 1559 and close the week around the levels of 1553.

Support for the stock lies in the zone of 1510 to 1530 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1400 to 1430 where the stock has formed a bottom in the month of June – 2016.

Resistance for the stock lies in the zone of 1580 to 1600 where channel support which was holding the stock since the month of May – 2015 is lying. If the stock manages to close above these levels then the stock can move to the levels of 1700 where 200 Daily SMA is lying.

Broad range for the stock is seen from 1480 – 1500 on downside to 1620 – 1650 on upside.