EquityPandit’s Outlook for Dr. Reddy for the week (April 18, 2016 – April 22, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.00%.

As we have mentioned last week that 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 these levels then the stock can move to the levels of 3250 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 3122 and close the week around the levels of 2999.

Minor support for the stock is lying in the range of 2900 to 2950 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 2750 to 2800 where the stock has formed a medium term bottom.

The stock has closed just above the resistance zone of 3050 to 3100 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these 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 2900 – 2950 on downside to 3200 – 3250 on upside.