December 09, 2015
Lupin (NSE Cash)
SELL
` 1840
` 1770 - 1780
` 1640
5 - 10 sessions
1715
1634
1795
1836
Bearish
Source: Falcon (Time - 15:00 IST)
We witnessed a nosedive in this stock after posting new high of `2128 during the month of October.
The stock prices stalled around the ‘Multi-Year Trend Line’ support of `1780 - 1800 for nearly four
months.
This major support level has now breached convincingly during the session and is on the verge of
confirming a breakdown from the ‘Inverted Flag’ pattern on a closing basis.
In addition, the weekly ‘RSI-Smoothened’ has also slipped below the 50 mark’ indicating weakness in
the near term.
Thus, we advise traders to sell this stock from current level to a bounce up to ` 1780 for a
target of ` 1640 in coming 5 to 10 trading sessions. The stop loss for this trade set up can be
kept at ` 1840.
December 09, 2015
Lupin (NSE Cash)
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