EquityPandit’s Outlook for Dr. Reddy for the week (April 04, 2016 – April 08, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 2.30%.

As we have mentioned last week that support for the stock lies in the zone of 2950 to 2980 where short term moving averages and gap is lying. If the stock manages to close below this levels then the stock can drift to the levels of 2800 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 2887 and close the week around the levels of 2978.

Minor support for the stock is lying in the range of 2900 where the stock has formed a short term bottom. If the stock manages to close below this levels then the stock can drift to the levels of 2750 to 2800 where the stock has formed a medium term bottom.

Resistance for the stock lies in the zone of 3050 to 3100 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 3250 where 500 Daily SMA is lying.

Broad range for the stock is seen from 2800 – 2850 on downside to 3050 – 3100 on upside.