EquityPandit’s Outlook for Dr. Reddy for the week (March 14, 2017 – March 17, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 5.40%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 2700 and close the week around the levels of 2716.

Support for the stock lies in the zone of 2700 to 2730. As stock is trading below major support zone, no support for the stock is visible. Support for the stock lies in the zone of 2640 to 2650. Long term support for the stock lies in the zone of 2200 to 2300 where the stock has taken support in the month of May-2014.

Minor resistance for the stock lies in the zone of 2735 to 2745. Resistance for the stock lies in the zone of 2780 to 2800 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2830 to 2840 from where the stock broke down after consolidation.

Broad range for the stock is seen from 2640 – 2650 on downside to 2800 – 2820 on upside.