EquityPandit’s Outlook for Dr. Reddy for the week  (Aug 14, 2017 – Aug 18, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 10.20%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 1901 and close the week around the levels of 2011.

Support for the stock lies in the zone of 1900 to 1930 where long term Fibonacci levels are lying. 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 1800 to 1820 from where the stock broke out of 2 years of consolidation from the year 2010 to 2012.

Minor resistance for the stock lies in the zone of 2050 to 2070. Resistance for the stock lies in the zone of 2200 to 2230 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2370 to 2400 where Fibonacci level is lying.

Broad range for the stock is seen from 1800 – 1850 on downside & 2200 – 2250 on upside.