EquityPandit’s Outlook for Lupin for the week (May 16, 2016 – May 20, 2016):

LUPIN:

Lupin closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1624 and close the week around the levels of 1589.

Support for the stock lies in the zone of 1570 to 1580 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 100 Daily SMA is lying.

Broad range for the stock is seen from 1540 – 1550 on downside to 1630 – 1650 on upside.