EquityPandit’s Outlook for Dr. Reddy for the week (Aug 27, 2018 – Aug 31, 2018) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2550. During the week the stock manages to hit a high of 2520 and close the week around the levels of 2447.

Support for the stock lies in the zone of 2350 to 2400 where Fibonacci levels and high for the month of June-2018 and July-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2200 to 2250 where short & long term moving averages are lying.

Resistance for the stock lies in the zone of 2500 to 2550 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2650 where high for the month of January-2018 is lying.

Broad range for the stock is seen from 2300 – 2350 on downside & 2600 – 2650 on upside.