EquityPandit’s Outlook for Dr. Reddy for the week  (June 05, 2017 – June 09, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 5.80%.

As we have mentioned last week that support for the stock lies in the zone of 2370 to 2400 where long term Fibonacci levels are lying. 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. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1900. During the week the stock manages to hit a low of 2380 and close the week around the levels of 2555.

Minor support for the stock lies in the zone of 2480 to 2500. Support for the stock lies in the zone of 2370 to 2400 where long term Fibonacci levels are lying. 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. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1900.

Resistance for the stock lies in the zone of 2550 to 2570 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2620 to 2650 where Fibonacci levels are lying.

Broad range for the stock is seen from 2400 – 2450 on downside & 2650 – 2680 on upside.