2 days Ago
Lupin shares are continuing their rising spree. The stock was trading higher for the sixth session today, even making a new 52-week high of Rs 2,376 on the BSE. It has given returns of up to 15% in the last two weeks.
The stock made a high of Rs 2,312 earlier in September 2024, from where it retraced and corrected by 14% to a low of Rs 1,986 in the month of November, where it took support and bounced back in the northward direction. The Nifty Pharma index outperformed sectoral indices in December, which indicates a buying interest in pharmaceutical names amidst uncertainty in the broader markets. “Within the pharma sector, Lupin has seen a leadership to lead the sectoral index higher and it has been forming Higher Top Higher Bottom formation,” said Ruchit Jain, VP, Head - Equity Technical Research, Wealth Management at Motilal Oswal.
On charts, the technical placement stands well above the stock’s significant exponential moving averages (EMAs). Stock Trading Masterclass on Value Investing and Company Valuation View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder- Indiacharts.
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With this, Ruchi Jain advises traders to ride the trend in Lupin and look for buying opportunities on any dips towards Rs 2,300. The stop loss on long positions should be placed below Rs 22,00 for positional targets around Rs 2,500. Lupin has also witnessed notable trading volumes recently, reflecting heightened investor interest, coupled with the strength in the pharma sector, which has been consistent since early last year.
“Lupin is showing several bullish patterns on its monthly charts. It has recently broken out of its weekly resistance zone at Rs 2,290-2,320, leaving room for further upward movement. Trading above its key price equilibrium levels, the stock appears poised for the beginning of a potential multiyear uptrend,” says Madu Bansal, Founder of The Finberg.
ETMarkets.com (Source: The Finberg) Its relatively low PE ratio, coupled with growing market share, adds to its investment appeal, Bansal adds. With these factors suggesting a promising outlook for the stock, Madhu Bansal indicates a potential target of Rs 2,500 in the near term for Lupin.
In the last one month, the shares of Lupin have increased by 14% and 8.2% in the last week. These were trading flat at Rs 2,362.
95 on the BSE around noon today. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel ).
