EquityPandit’s Outlook for Lupin for the week  (May 22, 2017 – May 26, 2017) :

LUPIN:

Lupin closed the week on positive note gaining around 5.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 1280 to 1300 from where the stock has broken down from the lows of March-2017. If the stock manages to close above these levels then the stock can move to the levels of 1330 to 1350. During the week the stock manages to hit a high of 1322 and close the week around the levels of 1318.

Minor support for the stock lies in the zone of 1280 to 1300. Support for the stock lies in the zone of 1240 to 1250 where the stock has formed a short term bottom. The stock has broken down on long term charts. Virtually no support lies for the stock. Long term support for the stock lies in the zone of 1000 to 1050.

Resistance for the stock lies in the zone of 1330 to 1350. If the stock manages to close above these levels then the stock can move to the levels of 1380 to 1400 from where the stock broke down from the triple bottom pattern.

Broad range for the stock in coming week can be seen from 1250 – 1260 on downside & 1350 – 1370 on upside.