The Hindu Business Line : Today’s Pick: Lupin (Rs 592.10)

Business Daily from THE HINDU group of publications Tuesday, Sep 18, 2007 ePaper

News

Features

Stocks

Open-End Mutual Fund

Cross Currency

Rates

Shipping

Ports

Archives

In Depth

Group Sites

The Hindu

The Hindu ePaper

Business Line

Business Line ePaper

Sportstar

Frontline

The Hindu eBooks

The Hindu Images

Home Page - Technical Analysis
Markets - Stocks
Today’s Pick: Lupin (Rs 592.10)

We recommend a buy in Lupin at current levels. The stock has been on a long-term uptrend since 2003. However, after forming a double top pattern spanning the period between April and July, the stock broke through the neckline at Rs 660 and achieved the pattern's price target of Rs 560 in late August. Since then, Lupin has resumed the long-term up trend by penetrating the 21-day moving average. Though the stock is moving sideways over the last two weeks, the short-term outlook is positive.

Short-term investors can buy the stock at current levels with a stop at Rs 580. The stock is expected to move up to Rs 635 and then Rs 650 in the short-term. Considering that the stock is poised at important long-term support levels, investors with a long-term perspective can buy the stock with a deeper stop at Rs 550 and a target of Rs 740.

Yoganand D.

More Stories on : Technical Analysis | Stocks | Pharmaceuticals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page