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India Infoline puts SELL on Lupin

India Infoline puts SELL on Lupin
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First Published: Wed, Apr 08 2009. 10 26 AM IST
Updated: Wed, Apr 08 2009. 10 26 AM IST
The daily chart suggests that recent rally has run into resistance around the levels of Rs680-695. In fact, the stock has seen a smart pullback from the levels of Rs585 from the first week of March 2009 to the levels of Rs695.
On Monday, the stock price moved below its previous open and is currently struggling to breakout from the top of a trading range.
The above candlestick pattern creates a potential short-term reversal. A break below Rs637 levels will see the stock correcting for potential target of Rs620 and Rs615.
If the market could recover, given one really large session of short covering, traders need to maintain a stop loss of Rs652.
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First Published: Wed, Apr 08 2009. 10 26 AM IST
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