EquityPandit’s Outlook for Dr. Reddy for the week (Oct 01, 2018 – Oct 05, 2018) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.00%.

As we have mentioned last week, that support for the stock lies in the zone of 2500 to 2550 where high for the month of August-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2350 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying. During the week the stock manages to hit a low of 2485 and close the week around the levels of 2531.

Support for the stock lies in the zone of 2500 to 2530 where high for the month of August-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2370 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying.

Resistance for the stock lies in the zone of 2630 to 2670 where high for the month of January-2018 and September-2018 are lying. If the stock manages to close above these levels then the stock can move to the levels of 2800 to 2850 where long term Fibonacci levels are lying.

Broad range for the stock is seen from 2400 – 2450 on downside & 2650 – 2700 on upside.