Lupin Limited (LUPIN) Stock - Complete Technical Analysis - Sep 25, 2024

Lupin Limited Stock Analysis Key Support, Resistance, and Chart Patterns NSE Trading Strategy

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Lupin Limited is currently trading at 2221.10, which places it 3.93% below its 52-week high of 2312. Technically, the stock is showing mixed signals. The RSI is hovering around 57, indicating the stock is neither overbought nor oversold, suggesting a balanced momentum at the current price level. Meanwhile, the ADX at 30.43 shows a moderate trend strength, which implies the ongoing trend might not be very strong but has some momentum. The stock's MACD level suggests a bullish crossover, which could indicate upward momentum in the near term, but the Awesome Oscillator is showing signs of weakening.

From a pattern perspective, the recent formation of a Doji and Spinning Top suggests indecision in the market, often signaling potential reversals or a consolidation phase. However, the appearance of the Three White Soldiers pattern earlier shows that bulls have been in control recently, pointing to a possible continuation of the upward trend.

Lupin is currently supported by its 10-day and 20-day EMAs, both sitting below the current price, adding strength to the ongoing trend. The stock is trading well above its 100-day and 200-day EMAs, indicating a long-term bullish trend. Key support levels can be identified around 2132 (based on pivot points) and further down at 2007. Resistance levels are anticipated around 2364, which could act as a significant hurdle in the coming sessions.

Traders should watch for confirmation of the trend's direction before making a move. With Lupin trading above the 50-day and 200-day SMAs, a bullish outlook remains intact, but the market could see short-term volatility, especially with the stock near its resistance zones. The ATR of 117 suggests moderate price volatility, making it essential to stay cautious of potential price swings.