EquityPandit’s Outlook for Dr. Reddy for the week (February 06, 2017 – February 10, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 5.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 2950 to 2960. Support for the stock lies in the zone of 2910 to 2930 where the stock has formed a bottom in the month of July-2016. If the stock manages to close below these levels then the stock can drift to the levels of 2800 to 2830 where the stock has formed a bottom in the month of May-2016. During the week the stock manages to hit a low of 2944 and close the week around the levels of 3145.

Support for the stock lies in the zone of 3080 to 3110 where Fibonacci level and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3020 to 3050 where Fibonacci level and also the stock has broken out on intraday basis.

Resistance for the stock lies in the zone of 3200 to 3220 where the stock has formed a top in the month of January-2017 and Fibonacci level is lying. 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 3000 – 3050 on downside to 3250 – 3300 on upside.