EquityPandit’s Outlook for Dr. Reddy for the week (March 20, 2017 – March 24, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 0.75%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 2717 and close the week around the levels of 2736.

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.

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.