EquityPandit’s Outlook for Dr. Reddy for the week  (Oct 22, 2018 – Oct 26, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2500 to 2530 where Fibonacci levels are 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. During the week the stock manages to hit a high of 2599 and close the week around the levels of 2552.

Support for the stock lies in the zone of 2480 to 2520 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2350 to 2380 where Fibonacci levels are lying.

Minor resistance for the stock lies around 2600 to 2620. Resistance for the stock lies in the zone of 2650 to 2670 where high for the month of September-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 2730 to 2760.

Broad range for the stock is seen from 2350 – 2400 on downside & 2700 – 2750 on upside.