EquityPandit’s Outlook for Dr. Reddy for the week  (Aug 07, 2017 – Aug 11, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 9.10%.

As we have mentioned last week, that support for the stock lies in the zone of 2370 to 2400 where the stock has formed a bottom in the month of May-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2300 to 2330. During the week the stock manages to hit a low of 2230 and close the week around the levels of 2240.

Support for the stock lies in the zone of 2200 to 2230 where the stock has formed a bottom in the month of May-2014. If the stock manages to close below these levels then the stock can witness a freefall and the stock can drift to the levels of 1900 to 1930 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 2300 to 2310. Resistance for the stock lies in the zone of 2350 to 2370 where Fibonacci levels and bottom for the month of May-2017 are lying. If the stock manages to close above these levels then the stock can move to the levels of 2450 to 2500 where the stock has opened gap down.

Broad range for the stock is seen from 2000 – 2050 on downside & 2350 – 2400 on upside.