EquityPandit’s Outlook for Dr. Reddy for the week (August 31, 2015 – September 04, 2015):

DR. REDDY:

Dr Reddy closed the week on negative note losing more than 1%.

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. If the stock breaks below the levels of 4150 the stock can drift to the levels of 4000 where upward moving channel is positioned. The stock hit a low of 3932 during the week and bounce back to the levels of 4180.

If the stock manages to close above the levels of 4250 the stock can move to the levels of 4350 to 4400.

If the stock breaks below the levels of 4100 the stock can drift to the levels of sub 4000.

Support for the stock lies in the zone of 4100 where short term moving averages are positioned.

Resistance for the stock lies in the zone of 4300 above which the stock can move to the levels of 4400.

Broad range for the stock is seen from 3950 – 4000 on downside to 4350 – 4400 on upside.