EquityPandit’s Outlook for Dr. Reddy for the week (November 23, 2015 – November 27, 2015):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.0%.

As we have mentioned last week that the stock broke the channel support and close below the support zone. Support for the stock lies in the range of 3250 where long term trend-line support and 100 Weekly SMA are positioned. If the stock closes below the levels of 3250 then the stock can drift to the levels of 3130 where 500 Daily SMA is positioned. During the week the stock manages to hit a low of 3138 and close the week around the levels of 3353.

During the week the stock broke the channel support and close below the support zone. Support for the stock lies in the range of 3250 where long term trend-line support and 100 Weekly SMA are positioned. If the stock closes below the levels of 3250 then the stock can drift to the levels of 3130 where 500 Daily SMA is positioned.

Resistance for the stock lies in the range of 3450 to 3500 from where the stock has broken the channel support. If the stock closes above this levels then the stock can move to the levels of 3700 where 200 Daily SMA is positioned.

Broad range for the stock is seen from 3250 – 3280 on downside to 3480 – 3500 on upside.