Let’s discuss the technical outlook of a well known Pharmaceutical company, Lupin Ltd. it is in continuation to our studies for Pharma Index.
Enclosed is a Daily Chart of the company Lupin Ltd. We can clearly see a Double Bottom Formation near 918-920 levels. The double bottom is supported by rising positive divergence in RSI indicator which indicates a positive move ahead. The prices can move upto the falling trendline before experiencing resistances near 1020- 1040 levels in coming one to two weeks. The further move will depend on the then situation in the chart and if it succeeds to cross the line with volume then the next target would be 1200 in a short time span.
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