EquityPandit’s Outlook for Lupin for the week (July 11, 2016 – July 15, 2016):

LUPIN:

Lupin closed the week on positive note gaining around 5.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1712 and close the week around the levels of 1639.

Support for the stock lies in the zone of 1580 to 1590 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1510 to 1530 where short term moving averages are lying.

Resistance for the stock lies in the zone of 1700 to 1720 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1800 where the stock has opened gap down on 15/03/2016.

Broad range for the stock is seen from 1550 – 1570 on downside to 1750 – 1780 on upside.