October 29, 2015
Lupin (NSE Cash)
BUY
` 1868
` 1920 - 1910
` 2010
5-10 sessions
1900
1885
1955
2010
Bullish
Strong support zone
of ‘Trend Line’ as well
as ‘Daily 89 EMA’
Source: Falcon (Chart time - IST 11.35)
We have seen a mesmerizing rally in this stock from the levels of January 2013. This stock has
appreciated more than three times in this span without giving any major price wise correction.
Of late, we witnessed a decent profit booking from its all time high 2129. However, the stock has now
reached its very strong support of the daily ’89 EMA’ level of 1890 which coincides with the
‘Downward Sloping Trend Line’.
Considering the extreme oversold condition of the ‘RSI-Smoothened’ oscillator on the daily chart, we
expect this support to act as sheet anchor for the bulls.
Looking at the above technical evidences, we advise traders to buy this stock from current level
to a decline up to ` 1910 for a target of ` 2010 in coming 5 to 10 trading sessions. The stop loss
for this trade set up can be kept at ` 1868.
October 29, 2015
Lupin (NSE Cash)
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