EquityPandit’s Outlook for Dr. Reddy for the week  (Oct 08, 2018 – Oct 12, 2018) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 5.40%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 2350 and close the week around the levels of 2395.

Support for the stock lies in the zone of 2350 to 2380 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2220 to 2250 where Fibonacci levels and long term moving averages are lying.

Resistance 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 above these levels then the stock can move to the levels of 2630 to 2670 where high for the month of January-2018 and September-2018 are lying.

Broad range for the stock is seen from 2200 – 2250 on downside & 2550 – 2600 on upside.