Trade Idea of The Day - Lupin Ltd Target Rs. 56 - Religare Broking Ltd
Lupin Ltd
BUY 28 JUL 2460 CALL SELL 28 JUL 2540 CALL Entry Range 20 - 24 Target 56 Stop Loss 10
Rationale
1. LUPIN continued to trade with a positive bias despite witnessing a mild breather after the recent sharp rally. The prices are comfortably sustaining above its rising 20-DEMA and 50-DEMA, and the long-term ascending trendline, indicating that the broader uptrend remains firmly intact.
2. The recent consolidation appears to be a healthy pause rather than a reversal, as prices are holding near the breakout zone around 2,450. Sustaining above this support is likely to attract fresh buying interest and pave the way for the next leg of the up move.
3. Momentum indicators continue to support the bullish outlook. The RSI is holding above the 60 mark, reflecting underlying strength, while the MACD remains in positive territory despite a minor slowdown in momentum, suggesting the primary trend is still upward.
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