EquityPandit’s Outlook for Dr. Reddy for the week (Mar 12, 2018 – Mar 16, 2018) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 4.50%.

As we have mentioned last week, that minor support for the stock lies in the zone of 2140 to 2160. Support for the stock lies in the zone of 2030 to 2080 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. During the week the stock manages to hit a low of 2095 and close the week around the levels of 2130.

Support for the stock lies in the zone of 2030 to 2080 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 2200 to 2230. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where short, medium & long term moving averages are lying.

Broad range for the stock is seen from 2000 – 2050 on downside & 2250 – 2300 on upside.