EquityPandit’s Outlook for Dr. Reddy for the week  (Fev 18, 2019 – Feb 22, 2019) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 7.50%.

As we have mentioned last week, that support for the stock lies in the zone of 2700 to 2750 from where the stock broke out of December-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 2600 to 2650 where medium term moving averages are lying. During the week the stock manages to hit a low of 1873 and close the week around the levels of 2563.

Support for the stock lies in the zone of 2450 to 2500 where Fibonacci levels and long 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 2400 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 2700 to 2750 where the stock has opened gap down. 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 2350 – 2400 on downside & 2800 – 2850 on upside.