EquityPandit’s Outlook for Lupin for the week (March 14, 2017 – March 17, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 2.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1480 to 1500. Resistance for the stock lies in the zone of 1515 to 1520 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 from where the stock is facing multiple resistance. During the week the stock manages to hit a high of 1482 and close the week around the levels of 1447.

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 1455 to 1460. Resistance for the stock lies in the zone of 1480 to 1500 where Fibonacci level and short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1515 to 1520 where 200 Daily SMA is lying.

Broad range for the stock is seen from 1400 – 1410 on downside & 1480 – 1500 on upside.