Signals, Powered By EquityPandit
DRREDDY Weekly Outlook and Analysis:
For the Week: (Sept 21,2020 – Sept 25,2020)
BSE: 500180| NSE: DRREDDY| ISIN: INE040A01026| SECTOR: PHARMA
Stock closed the Weekly on positive note gaining +21.17%
DrReddy Share Price: 5333.35 (NSE)
Weekly High: 5496.95
Weekly Low: 4336.00
Weekly Range: 1160.95 Points
Weekly Support & Resistance For DR. Reddy:
| RESISTANCE 2 | 5815.00 |
| RESISTANCE 1 | 5640.00 |
| SUPPORT 1 | 4680.00 |
| SUPPORT 2 | 4480.00 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 4680levels, Minor resistance on the upside is capped around 5640 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 @ 4480 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 @ 5815.
Stock is trading above 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts Range for the Weekly as 6000 on upside and 4400 on downside.
DRREDDY backed by the news and Drug approvals seen mammoth rally in the last week, entering for the fresh position on the long side is little risk, So suggest to buy with hedge in the stock or stay away.
