IIFL has given a buy recommendation on Lupin above Rs 482 for a target of Rs 495. The stock has broken above critical resistance zone of Rs 473-475 closing above both its 100- and 50-day moving averages in Wednesdayâ€™s session with encouraging volume activity.
Such an upward move also corroborated a breakout from the ascending triangle. The RSI movement in line with price move provides an added signal of strength in the breakout and prices are expected to test levels of Rs 500 in the coming trading sessions.
“We advise buying the stock above Rs 482 with stop loss of Rs 476 for a target of Rs 495,” the brokerage said in a note.
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