Stock analysis LUPIN
We have seen a good move in the pharma stocks after getting the corona vaccine news are heating up.
It has consolidated much and recently a huge volume is seen in the stock after crossing above its 200MA it faced resistance at 1100 which is its 100MA if it crosses above 1100 then it can go upto 1250 for long term target qith the stoply at 850. But if it starts moving downward it will first take support at 800 i.e. 20MA. So kindly have a watch on this levels.
On the weekly chart, it is visible that It has closed below its 200MA so It may go downside to take support at 870 with the stop loss of just 5 points i.e. 900 (psychological level) for the target of 850 But if it moving above 900 then it can move to 950 i.e. 20 MA.
On the daily charts, it has taken the support of its 200 MA but faced resistance at 900 so if it breaks then it can up to 950. So one can take a position for the upside move for the level of 900. But if it starts moving down then it will take support at 850.
I hope this analysis will help you in the upcoming trading session.
Thank you
Analysis by
Akshay Singh