EquityPandit’s Outlook for Dr. Reddy for the week (Aug 20, 2018 – Aug 24, 2018) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 6.80%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 2280 to 2300. Resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2550. During the week the stock manages to hit a high of 2411 and close the week around the levels of 2364.

Minor support for the stock lies in the zone of 2280 to 2300. Support for the stock lies in the zone of 2150 to 2200 where short & long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2020 to 2040 from where the stock broke out of consolidation in the month of June-2018.

Resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2550.

Broad range for the stock is seen from 2200 – 2250 on downside & 2450 – 2500 on upside.