Thursday, August 11, 2016

TECHNICAL ANALYSIS OF LUPIN FOR 12 AUG 2016

“BUY LUPIN ABOVE 1582 TGT 1612/1635”

“SELL LUPIN BELOW 1560 TGT 1540/1520”
Lupin After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 1600 as the stock is managing to sustain above the level of 1600. One may get the targets of 1620,1650 in the stock with the stop loss of 1560.Today, After falling for past two trading sessions, the Indian stock market see-sawed between negative and positive zone throughout the day and ended higher snapping its losing streak. Sensex ended with a gain of 85 points at 27,860. The Sensex opened at 27,806 touched an intra-day high of 27,902 and low of 27,697.The Nifty closed with a gain of 17 points at 8,592. The Nifty opened at 8,573 hitting a high of 8,601 and low of 8,540. "Markets  taking a breather
at current juncture. SBI numbers tomorrow will decide near term market movements. In near term Nifty upside seems capped around 8700 while in the event of SBI numbers disappointing it may correct to 8300 levels. Traders should remain cautious and long positions should be hedged by buying puts.

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