EquityPandit’s Outlook for Dr. Reddy for the week (August 24, 2015 – August 28, 2015):

DR. REDDY:

Dr. Reddy closed the week on absolutely flat note.

As we have mentioned last week that the support for the stock lies in the zone of 4150 from where the stock has broken out of the channel pattern and during the week the stock hit a low of 4159 and bounce to the levels of 4327 and close the week around the levels of 4244.

The stock has formed a Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the stock.

For the coming week if the stock manages to close above the levels of 4336 the stock can move to the levels of 4500.

During the week the stock is seen consolidating in the range of 4150 on downside to 4325 on upside. A break on either side will decide the further direction of the stock.

Support for the stock lies in the zone of 4150 from where the stock has broken out of the channel. If the stock breaks below the levels of 4150 the stock can drift to the levels of 4000 where upward moving channel is positioned.

Broad range for the stock is seen from 4100 – 4150 on downside to 4400 – 4450 on upside.