EquityPandit’s Outlook for Dr. Reddy for the week  (Dec 03, 2018 – Dec 07, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 4.30%.

As we have mentioned last week, that 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 2360 to 2390 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 2521 and close the week around the levels of 2722.

Support for the stock lies in the zone of 2640 to 2670 where high for the month of September-2018 and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2480 to 2520 where Fibonacci levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2950 to 3000.

Broad range for the stock is seen from 2500 – 2550 on downside & 2850 – 2900 on upside.