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,...