Long above 750 suggested.
Target 800 plus.
1) Stock trading at support zone.
2) Bullish divergence in MACD observed.
3) Support zone + Bullish divergence has had a strong counter trend rally in the past.
Lupin LTD is still stuck in well entrenched downtrend. The moment it tries to gather itself up, some bad news hits the stock. Latest development is that USA is moving towards some kind of price manipulation of drugs. This news has hit majority of Indian pharmaceutical company stocks and they all are moving in the same downward direction.
But well, we all know...
Previous Lupin short term trade stop los hit.
However this chart is for Medium to Long Term perspective.
Good buy zone 973-993
De-risk the trade at 1050 and continue to hold for bigger targets of 1160, 1309 and 1400+
Price is now at second/strong support of 973-993 after breaking previous support of 1010-1020.
Pharma sector had its bad days since last 2years,...
Price retrieving back to immediate support, with small correction.
Overall this stock is very bullish.
Buying zone - 1014 - 1021, SL 1010
Targets - 1066, 1157, 1310, 1480
For long term investors, SL can be placed at 965 and targets of 1450 and beyond.
Lupin is one of the top Pharma companies with an excellent Balance Sheet, Sales Revenue growth and a very good future.
From long term investment point of view, this is an excellent company to have in your portfolio and current levels of 1250 are an excellent entry.
One can add more if it dips further as this stock itself promises to give 20% + returns within or...