EquityPandit’s Outlook for Dr. Reddy for the week (Apr 23, 2018 – Apr 27, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2150 to 2200 where short term moving averages and break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where long term moving averages are lying. During the week the stock manages to hit a high of 2146 and close the week around the levels of 2122.

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 2150 to 2200 where short term moving averages and break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where long term moving averages are lying.

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