EquityPandit’s Outlook for Dr. Reddy for the week (December 12, 2016 – December 16, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 0.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 3200 to 3230. Resistance for the stock lies in the zone of 3350 to 3400 where the stock has formed a top in the month of October-2016. If the stock manages to close above these levels then the stock can move to the levels of 3450 to 3500. During the week the stock manages to hit a high of 3242 and close the week around the levels of 3186.

Support for the stock lies in the zone of 3150 to 3170 where medium term and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 3000 to 3010 where the stock has formed a top in the month of October – 2016.

Minor resistance for the stock lies in the zone of 3200 to 3230. Resistance for the stock lies in the zone of 3350 to 3400 where the stock has formed a top in the month of October-2016. If the stock manages to close above these levels then the stock can move to the levels of 3450 to 3500.

Broad range for the stock is seen from 3070 – 3100 on downside to 3270 – 3300 on upside.