Lupin Limited (LUPIN) Stock - Complete Technical Analysis - Oct 07, 2024

Lupin Limited Stock Analysis: Navigating Support, Resistance, and Market Trends

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's current price is 2,175, which is showing a noteworthy reaction to recent price movements. The stock is 5.93% below its 52-week high of 2,312, reached on September 5, 2024, indicating a potential resistance level in that vicinity. Conversely, it is trading 93.67% above its 52-week low of 1,123, achieved on October 31, 2023, indicating a strong bullish trend.

Analyzing recent trading activity, we can identify that on October 4, the stock surged to a high of 2,240 but closed lower at 2,198, indicating some selling pressure after hitting that peak. The subsequent trading day, October 7, saw a lower open at 2,198.25 and a sharp drop to a low of 2,140, followed by a recovery to close at 2,174.90. This indicates a significant volatility range, with a possibility of a reversal or consolidation in the short term. The Average True Range (ATR) reflects this volatility, indicating fluctuations that traders should watch for potential entry or exit points.

In terms of technical indicators, the MACD suggests a slight bullish momentum, while the RSI is approaching neutral territory, indicating the stock may be ready for a breakout or a correction depending on broader market conditions. The Stochastic and Williams Percent Range show the stock is nearing oversold conditions, potentially setting the stage for a short-term rebound.

Support levels can be identified around 2,140 and 2,115, while resistance levels are observed near the 2,240 mark. Traders should monitor these levels closely as price action around them may signal future direction. The current trend indicates caution, but the potential for reversals and short-term gains could be rewarding if managed properly.