Aug 21, 2018

Short Term Trading View- Lupin & Pharma Stocks - Very Brief Idea

Lupin Ltd.CMP -880

As you can see, the pharma stocks are presently in a short term uptrend after a continuous decline since many years as well as having witnessed 6 months of market sluggishness in FH 2018. We are seeing good rise in pharma stocks as a defensive play in the present market environment where only few index stocks have risen and taken market to new highs. The IT and Pharma are witnessing special short term trading momentum also due to the phenomenon in forex markets where the Indian Rupee is seen at its new lows agains the USD. Pharma, just like the IT firms are getting majority share of their revenue and profit from overseas
So with support from the above logics and some frontline pharma stocks almost making 52-week highs, Lupin is also above its 200 DMA in a way first time since 2 years. We believe it will touch 1000 and then might go ahead. You are looking at an hourly chart where it has formed a bullish inverse head and shoulder pattern, while the RSI, MACD picture is also favourable as well.
It can be traded by taking position in Call option as well.

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