EquityPandit’s Outlook for Dr. Reddy for the week (July 30, 2018 – Aug 03, 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 2130 to 2150 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 from where the stock broke down and long term moving averages are lying. During the week the stock manages to hit a high of 2191 and close the week around the levels of 2083.

Support for the stock lies in the zone of 2020 to 2040 from where the stock broke out of consolidation in the month of June-2018. If the stock manages to close below these levels then the stock can drift to the levels of 1900 to 1950 where the stock has taken support in the month of May-2018 and long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 2130 to 2150 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 from where the stock broke down and long term moving averages are lying.

Broad range for the stock is seen from 1900 – 1950 on downside & 2200 – 2250 on upside.