Signals, Powered By EquityPandit
DRREDDY Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
BSE: 500180| NSE: DRREDDY| ISIN: INE040A01026| SECTOR: PHARMA
Stock closed the week on positive note gaining +1.16%
DrReddy Share Price: 4573.50 (NSE)
Week High: 4707.00
Week Low: 3490.15
Week Range: 1216.85 Points
Weekly Support & Resistance For DRRDDY Ltd:
| RESISTANCE 2 | 4800.00 |
| RESISTANCE 1 | 4710.00 |
| SUPPORT 1 | 4326.00 |
| SUPPORT 2 | 4185.00 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 4326 levels, Minor resistance on the upside is capped around 4710 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 4185 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 4800.
Stock is trading above 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts Range for the week as 4800 on upside and 4180 on downside.
The stock near all time high levels and heading towards higher levels week on week with strong volumes. Stock seem to be overbought and risk and reward ratio is not favorable for the fresh buying. Only momentum traders should take entry with tight stop loss.
