EquityPandit’s Outlook for Dr. Reddy for the week (January 09, 2017 – January 13, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 3.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 3050 to 3070. Resistance for the stock lies in the zone of 3150 to 3170 where 200 Daily SMA and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3200 to 3230 where the stock has formed a short term top. During the week the stock manages to hit a high of 3204 and close the week around the levels of 3159.

Support for the stock lies in the zone of 3150 to 3170 where 200 Daily SMA and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3100 to 3120 from where the stock has broken out on intraday basis.

Resistance for the stock lies in the zone of 3220 to 3250 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 3330 to 3350 from where the stock sold off in the month of November-2016.

Broad range for the stock is seen from 3030 – 3050 on downside to 3250 – 3280 on upside.