EquityPandit’s Outlook for Lupin for the week  (May 02, 2017 – May 05, 2017) :

LUPIN:

Lupin closed the week on negative note losing around 4.90%.

As we have mentioned last week that support for the stock lies in the zone of 1380 to 1400 where the stock has made a bottom in the month of June – 2016, November – 2016 & December – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 1280 to 1300 where the stock has taken support on 29/03/2017. During the week the stock manages to hit a low of 1319 and close the week around the levels of 1338.

Support for the stock lies in the zone of 1280 to 1300 where the stock has taken support on 29/03/2017. If the stock manages to close below these levels then the stock can witness a major breakdown on long term charts and 1200 to 1220.

Resistance for the stock lies in the zone of 1350 to 1360 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of around 1380 to 1390 from where the stock has broken down from double bottom pattern.

Broad range for the stock in coming week can be seen from 1280 – 1300 on downside & 1370 – 1380 on upside.