LUPIN ....................................... BUY ................................. CMP ₹895.40

BSE Code ...... 500257 Tar­get 1 .... ₹970 | Tar­get 2 .... ₹1020 | Sto­ploss ... ₹820(CLS)

Flash News Investment - - TECHNICALS -

✓ Cur­rent Ob­ser­va­tion: The stock on the daily time frame reg­is­tered a high of Rs 986 and, there­after, it wit­nessed a sharp fall. Dur­ing this fall, the stock took sup­port at the lower end of the ris­ing chan­nel and the 200-D SMA was also placed near the lower end of the chan­nel.

✓ Re­cently, on the daily chart, the stock took sup­port around the lower end of the ris­ing chan­nel formed by ad­join­ing lows of July, Au­gust and Oc­to­ber 2018 and, there­after, the stock has wit­nessed a good up­move along with ris­ing vol­umes.

✓ The stock is trad­ing above its long term mov­ing av­er­age, i.e. 200-D SMA, which is pos­i­tive for the stock.

✓ The daily 14-pe­riod RSI wit­nessed a pos­i­tive crossover and has a read­ing of 53. The stock has strong sup­port around the level of Rs 820 and the same can be main­tained as a stop loss level.

✓ On the up­side, the stock has the po­ten­tial to test the level of Rs 970, fol­lowed by Rs 1020.

✓ Con­clu­sion: Con­sid­er­ing that the stock took sup­port around the lower end of the ris­ing chan­nel and the stock is trad­ing above its cru­cial long term mov­ing av­er­age, we would rec­om­mend buy­ing this stock for a short term pe­riod with a stop loss of Rs 820 on a clos­ing ba­sis and with an up­side tar­get of Rs 970, fol­lowed by Rs 1020.

LUPIN

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.