EquityPandit’s Outlook for Dr. Reddy for the week (December 07, 2015 – December 11, 2015):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 3.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 3200 where 500 Daily and 100 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 3350 from where the stock has opened gap down on 26/11/2015. During the week the stock manages to hit a high of 3265 and retraced to close the week around the levels of 3195.

It seems the stock has made a medium term bottom around the levels of 3050 to 3100. The stock is trading around the strong support zone of 3200 where 500 Daily SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 3100 where medium term bottom is placed.

Resistance for the stock lies in the zone of 3250 where 100 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 3350 from where the stock has opened gap down on 26/11/2015.

Broad range for the stock is seen from 3050 – 3100 on downside to 3280 – 3330 on upside.