This analysis is purely based on Price Action and Chart Patterns
Target may reach in intraday trade or in a couple of days.
Trade Strategies are shared in image itself with proper Entry level, SL and Target level
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
Lupin on daily chart tested its previous demand area and now looks like ready to move.
I am bullish in this counter for swing trade above 972 will get in if any 1H candle closes above the same.
will prefer to keep my SL below 905.
Lupin is stuck up in a triangle ( as marked in the chart).
It has hit the long term trendline resistance, where D wave seems to be completed.
Other reasons -
Daily chart RSI showing negative divergence.
Candlestick pattern has created a Dark Cloud.
A close below 990 will take Lupin below 900 in days to come.
I know it rallied the most but for short period one can buy... it formed flag pattern and another breakout can happen... take bull call spread with reduced risk of 5k (buy little Out of The Money) once you see the breakout of Days high.
All pharma stocks are bullish now , but there is a good Weekly and Daily coinciding supply 997-1083
there is a level-on-level also
cmp:957 11 aug 2020 Stock is in uptrend, so even it may work in the supply zone, as the sector is bullish and Lupin is also bullish, Risk, Reward may not be favourable.
Stock holds a good support near 790-800 levels, the same levels acted as strong resistance in the past and when crossed stock did spend some time near those levels and then moved upside.
Hence any dip in the stock if happens , price action near those levels should be watched carefully.
Lupin is trading sideways for a while, possible downside if breaks 416 the target is around 900 zone
multiple wicks can be seen on the downside .. resulting in exhaustion of demand zone (buyers ) break expected
breaks level of 416
target zone shown