Wednesday, 16 May 2018

LUPIN TURNS FROM BEARISH TO BULLISH


BUY LUPIN ABOVE 782 TGT 795/820 SL 750
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Market summary 17 MAY 2018:  Among the sectoral indices, realty gained most at 1.99% followed by FMCG 1.65% and IT 0.18%. Energy fell most at 1.75%, oil and gas 1.58%, bankes 1.17% and finance 0.91%.MidCap was down 0.27%, while SmallCap edged up 0.06%. Hindustan Unilever, ITC, Wipro and Yes Bank were top gainers, whereas ICICI Bank, Reliance Industries, SBI and Hero MotoCorp were among the major gainers. ITC Q4 net profit up 10% on year at Rs 2,933 crore, Syndicate Bank hits 9-year low on reporting big net loss for March quarter, Hindalco Q4 profit drops 25% to Rs 377 crore, Reliance Communications tumbled 20.5 per cent a day after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries, Karnataka Election Results 2018 Congress, JD(S) take signatures of MLAs in support of Kumaraswamy.
                                   Lupin Limited is engaged in producing, developing and marketing a range of branded and generic formulations, biotechnology products and active
pharmaceutical ingredients (APIs) across the world. Primary trend of the LUPIN is showing consolidation since past few sessions and Currently, it has formed reversal pattern on the short-term charts and trading below the resistance level of 782.Breakout of its resistance level may show recovery in it where traders can expect targets of 795 and 820,850 while major support of 725 can be placed as technical stop loss.
DAILY CHART FOR LUPIN

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