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Indian Oil Corporation Limited

TECHNICAL RATIONALE– IOC has been trading in a broader range of 65-85 levels for last one year, after the failed attempt to surpass the hurdle of previous swing high. It has formed a fresh base around the support zone of multiple moving averages and looks set to surpass the upper band of the range soon.

Buy Indian Oil Corporation Limited CMP 80.40; Initiation Range 80-81; Stop Loss 77.5; Target 87

Lupin Limited

TECHNICAL RATIONALE - Mostly stocks from the pharma basket have been trading in a downtrend and Lupin is trading in sync with the trend. It has witnessed a fresh breakdown from a consolidation range and likely to retest the previous swing low soon. We thus recommend creating shorts in the mentioned zone.

SELL MAR FUTS Lupin Limited CMP 650.20; Initiation Range 650-655; Stop Loss 674; Target 620

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