EquityPandit’s Outlook for Dr. Reddy for the week (July 16, 2018 – July 20, 2018) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2550 to 2600 where the stock has formed a high in the month of January-2018. During the week the stock manages to hit a high of 2388 and close the week around the levels of 2320.

Support for the stock lies in the zone of 2180 to 2220 where high for the month of April-2018 and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2050 to 2100 where short and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2550 to 2600 where the stock has formed a high in the month of January-2018.

Broad range for the stock is seen from 2200 – 2250 on downside & 2400 – 2450 on upside.