EquityPandit’s Outlook for Dr. Reddy for the week  (Dec 18, 2017 – Dec 22, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 8.50%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 2200 to 2230. Resistance for the stock lies in the zone of 2350 to 2400 where short & medium term moving averages and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2520 where the stock has opened gap down and 200 Daily moving averages are lying. During the week the stock manages to hit a high of 2380 and close the week around the levels of 2371.

Support for the stock lies in the zone of 2280 to 2320 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2180 to 2200 where break out levels are lying.

Resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2520 where the stock has opened gap down and 200 Daily moving averages are lying.

Broad range for the stock is seen from 2200 – 2250 on downside & 2450 – 2500 on upside.