EquityPandit’s Outlook for Lupin for the week (May 02, 2016 – May 06, 2016):

LUPIN:

Lupin closed the week on positive note gaining around 3.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 1565 to 1600 where 500 Daily SMA and channel support which was holding the stock since the month of May – 2015. If the stock manages to close above these levels then the stock can move to the levels of 1650 to 1700 where short term moving averages are lying. During the week the stock manages to hit a high of 1618 and close the week around the levels of 1607.

Support for the stock lies in the zone of 1550 to 1570 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1500.

The stock has close around the resistance zone of 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 1650 to 1700 where short term moving averages are lying.

Broad range for the stock is seen from 1540 – 1550 on downside to 1650 – 1670 on upside.