July 05, 2017
Lupin (NSE Cash)
BUY
` 1005
` 1047 - 1056
` 1145
14 -21 sessions
Daily Chart
Positive Divergence
Source: Falcon (Time: 12:20 IST)
Justification:
Along with its peers, Lupin too has corrected sharply in the recent past and has underperformed the broader markets.
However, the prices are currently trading near its long-term support of ’89 EMA’ on the monthly chart. Although the prices
have formed a ‘Lower Low’ on the daily chart, the ‘RSI’ oscillator has formed a ‘Higher Low’, thus indicating a positive
divergence. Due to the formation of this divergence at its long-term support, we believe that the stock has limited downside
from current levels and there is higher probability of a pullback move in near term. Hence, traders are advised to buy this
stock at current levels and on declines at `1047 for a target of `1145 over the next 14 - 21 sessions. The stop loss
should be fixed at `1005.
Ruchit Jain
022-3935 7600 Extn: 6554
1
July 05, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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