Lupin –Buy- India Infoline
On the daily chart, the stock has given an upside breakout, considered to be an important bullish signal. Last few sessions for the stock has been characterized by a sustain downtrend.
However, the stock has managed to find support around the levels of Rs1,447. On Monday, it staged a rally, closing well above day’s open. The stock price has corrected from a recent peak of Rs1,610 during February 2010 to a low of Rs1,447. Since then, the stock has moved along with the support of its trendline.
With other oscillators suggesting a positive formation, we expect the upside to continue. *We recommend traders to buy the stock at current levels and on decline to levels of Rs1,580 for a short term target of Rs1,650. It is advisable to maintain a stop loss of Rs1,565.
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Category: Broker tips
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