EquityPandit’s Outlook for Dr. Reddy for the week (February 15, 2016 – February 19, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 8.50%.

As we have mentioned last week that support for the stock lies in the zone of 3000 to 3050 where short term moving averages are lying. If the stock closes below this levels then the stock can drift to the levels of 2750 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 2825 and close the week around the levels of 2847.

Support for the stock lies in the zone of 2750 where the stock has formed a short term bottom. If the stock manages to close below this levels then the stock can drift to the levels of 2600 to 2630 where 1000 Daily SMA and 200 Weekly SMA is lying.

Resistance for the stock lies in the zone of 3000 where short term moving averages are lying. If the stock manages to close above this levels then the stock can move to the levels of 3150 to 3200 from where the stock has formed a double top pattern and also 500 Daily SMA is lying.

Broad range for the stock is seen from 2730 – 2750 on downside to 3100 – 3150 on upside.