August 18, 2015
Lupin (NSE Cash)
SELL
` 1818
` 1758 - 1768
` 1645
5-10 sessions
1711
1634
1790
1811
Bearish
Source: Falcon (Chart time - IST 13:45)
The stock has fallen sharply and given a ‘Trend line’ breakdown on July 23, 2015 with heavy
volumes.
Post the sharp correction, the stock witnessed some bounce back from the lower levels; but,
the up move was not supported by healthy volumes. Thus, it might be just a pull-back of the
entire fall.
Yesterday, the stock has made a ‘Hanging Man’ pattern in the daily chart and it’s forming
‘Bearish Engulfing’ pattern in today’s session, which doesn’t bode well for bulls.
The ‘Stochastic’ oscillator is giving negative crossover with its average from overbought
territory in the daily chart, indicating weakness in the counter.
Considering the current chart structure, we advise traders to sell this stock from current level
to a rise up to ` 1768 for a target of ` 1645 in coming 5 to 10 trading sessions. The stop loss for
this trade set up can be kept at ` 1818.
August 18, 2015
Lupin (NSE Cash)
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