EquityPandit’s Outlook for Dr. Reddy for the week (June 11, 2018 – June 15, 2018) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 6.30%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 1960 to 1980. Resistance for the stock lies in the zone of 2030 to 2060 from where the stock has broken down from March-2018 and April-2018 low. If the stock manages to close above these levels then the stock can move to the levels of 2100 to 2130. During the week the stock manages to hit a high of 2073 and close the week around the levels of 2063.

Minor support for the stock lies in the zone of 2000 to 2030. Support for the stock lies in the zone of 1880 to 1910 where Fibonacci levels and bottom for the month of August-2017 & May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1830.

Minor resistance for the stock lies in the zone of 2080 to 2100. Resistance for the stock lies in the zone of 2180 to 2200 where high for the month of April-2018 and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where Fibonacci levels are lying.

Broad range for the stock is seen from 1900 – 1950 on downside & 2150 – 2200 on upside.