Ashish Chaturmohta
Lupin has formed a bullish falling wedge pattern on the weekly chart. At the start of the month, the stock witnessed a breakout from the pattern on strong momentum and high volumes to touch a high of Rs 925.
Since then the price has been trading in a narrow range on below-average volumes consolidating its gains. It has formed a bullish pole and flag continuation pattern on the daily chart which is typically expected to give a breakout on the upside.
The stochastic oscillator has given a positive crossover with average suggesting uptrend is likely to resume. Thus, the stock can be bought at current level and on dips to Rs 905 with a stop loss below Rs 880 and target of Rs 1,000 levels.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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