In the previous session, the market had a corrective move with a negative bias throughout the day. The Nifty index opened on a positive note but soon slipped into negative territory. Post that the Nifty index recovered some losses and closed on a net loss of 43 points. On the technical note, the Index formed a Bearish candle on the chart. Traders should be focused on Sector and stock specific strategy for the next trading day.

 Look at the below research report of ‘Stocks to Buy for Wednesday, February 08,2023’ before the market opens.

Dr Reddys Laboratories Ltd

Stock price has given a breakout from a parallel falling channel, within which it was moving since November 2022.In the previous session, stock formed a Bullish candle on the chart and closed with a net gain of 2.09%. Since price has taken strong support of 20 EMA on the daily chart, which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is near 62.

So overall this stock is looking attractive, one can buy this stock in any kind of minor corrective action around 4420 also with stop loss of 4360.We can expect it to reach a target of 4530 in near term.

 Check More Analysis on DRREDDY at: Dr Reddys Laboratories Ltd