EquityPandit’s Outlook for Dr. Reddy for the week (Jan 15, 2018 – Jan 19, 2018) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2500 to 2520 where the stock has formed a top in the month of September-2017, October-2017 and November-2017. If the stock manages to close above these levels then the stock can move to the levels of 2580 to 2600 from where the stock has opened gap down on 27th July 2017. During the week the stock manages to hit a high of 2512 and close the week around the levels of 2448.

Support for the stock lies in the zone of 2430 to 2450 where long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2330 to 2370 where short term moving averages and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 2500 to 2520 where the stock has formed a top in the month of September-2017, October-2017 and November-2017. If the stock manages to close above these levels then the stock can move to the levels of 2580 to 2600 from where the stock has opened gap down on 27th July 2017.

Broad range for the stock is seen from 2350 – 2380 on downside & 2580 – 2620 on upside.