EquityPandit’s Outlook for Dr. Reddy for the week (Feb 05, 2018 – Feb 09, 2018) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 15.30%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 2110 and close the week around the levels of 2124.

Support for the stock lies in the zone of 2000 to 2050 from where the stock broke out on weekly charts. If the stock manages to close below these levels then the stock can drift to the levels of 1900 to 1950 where Fibonacci levels and bottom for the month of August-2017 is lying.

Resistance for the stock lies in the zone of 2150 to 2200 from where the stock broke down from the December-2017 lows. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the stock is seen from 1900 – 1950 on downside & 2300 – 2350 on upside.