EquityPandit’s Outlook for Lupin for the week (October 12, 2015 – October 16, 2015):

LUPIN:

Lupin closed the week on negative note losing around 2.5%.

As we have mentioned last week that resistance for the stock lies in the range of 2120 where upper end of the channel is positioned. This channel is formed by joining the lows of 1588 (14/05/2015) and 1590 (29/07/2015) and highs of 2115 (08/04/2015). During the week the stock manages to hit a high of 2129 and sold off to the levels of 2027. The stock closed the week around the levels of 2055.

Support for the stock lies in the range of 2000 to 2030 where short term moving averages are positioned. If the stock closes below this levels then the stock can drift to the levels of 1900 where trend-line support for the stock is positioned.

Resistance for the stock lies in the range of 2120 where upper end of the channel is positioned. This channel is formed by joining the lows of 1588 (14/05/2015) and 1590 (29/07/2015) and highs of 2115 (08/04/2015). If the stock manages to close above the levels of 2120 then the stock can move to the levels of 2150 to 2170.

Broad range for the stock is seen from 2000 – 2030 on downside to 2130 – 2150 on upside.