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Lupin’s stock started showing weakness in early October after facing resistance at ₹2,250. So far in November, it has seen a steady decline in price, which led to the price slipping below the support at ₹2,070.
This has opened the door for further depreciation from the current market price. While ₹2,000 is the nearest support, given the selling momentum, we anticipate the stock to fall to ₹1,960 in the near-term.
Therefore, traders can consider going short at ₹2,040 and place initial stop-loss at ₹2,070. When the price drops below ₹2,000, revise the stop-loss to ₹2,050.
On a decline to ₹1,980, tighten the stop-loss further to ₹2,010. Liquidate the trade at ₹1,960. In case the stock opens above ₹2,060 on Thursday, refrain from going short.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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