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

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.60%.

As we have mentioned last week that support for the stock lies in the zone of 2880 to 2900 from where the stock has bounced in the month of July-2016 and January-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2820 to 2840 levels where the stock has taken multiple support in the month of February-2016 and May-2016. During the week the stock manages to hit a low of 2845 and close the week around the levels of 2871.

Support for the stock lies in the zone of 2820 to 2840 levels where the stock has taken multiple support in the month of February-2016 & May-2016 and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2700 to 2730.

Minor resistance for the stock lies in the zone of 2930 to 2950. Resistance for the stock lies in the zone of 3020 to 3050 from where the stock broke down on intraday basis and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 3100 to 3130 where 200 Daily SMA is lying.

Broad range for the stock is seen from 2790 – 2810 on downside to 2970 – 3000 on upside.