EquityPandit’s Outlook for Lupin for the week (March 14, 2016 – March 18, 2016):

LUPIN:

Lupin closed the week on positive note gaining around 4.30%.

As we have mentioned last week that support for the stock lies in the range of 1740 to 1760 where short term moving averages are lying. If the stock manages to close below this levels then the stock can drift to the levels of 1700 to 1720 where the stock has broken out after 2 weeks of consolidation is lying. During the week the stock manages to hit a low of 1760 and bounce to close the week around the levels of 1856.

Support for the stock lies in the range of 1820 where 100 & 200 Daily SMA is lying. If the stock manages to close below this levels then the stock can drift to the levels of 1740 to 1760 where short term moving averages are lying.

Resistance for the stock lies in the range of 1900 where the stock has made a top in the month of Feb – 2016. If the stock manages to close above this levels then the stock can move to the levels of 2100 where trend-line joining earlier highs is lying.

Broad range for the stock is seen from 1800 – 1820 on downside to 1880 – 1900 on upside.