EquityPandit’s Outlook for Dr. Reddy for the week (August 29, 2016 – September 02, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 3050 to 3070 where the stock has opened gap down on 27/07/2016. If the stock manages to close above these levels then the stock can move to the levels of 3150 to 3200 where medium term moving averages are lying. During the week the stock manages to hit a high of 3078 and close the week around the levels of 3040.

Minor support for the stock lies in the zone of 2950 to 2970. Support for the stock lies in the zone of 2750 to 2800 where the stock has formed a bottom in the month of Jan – 2016, Feb – 2016 and May – 2016. If the stock manages to close below these levels then the stock can further witness a freefall as no support is visible.

Resistance for the stock lies in the zone of 3050 to 3070 where the stock has opened gap down on 27/07/2016. If the stock manages to close above these levels then the stock can move to the levels of 3110 to 3130 where medium term moving averages are lying.

Broad range for the stock is seen from 2900 – 2920 on downside to 3080 – 3100 on upside.