EquityPandit’s Outlook for Dr. Reddy for the week (December 19, 2016 – December 23, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 2.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 3200 to 3230. Resistance for the stock lies in the zone of 3350 to 3400 where the stock has formed a top in the month of October-2016. If the stock manages to close above these levels then the stock can move to the levels of 3450 to 3500. During the week the stock manages to hit a high of 3189 and close the week around the levels of 3107.

Support for the stock lies in the zone of 3050 to 3070 from where the stock has bounced couple of times in the month of November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 3000 to 3010 where the stock has formed a bottom in the month of October – 2016 and November-2016.

Resistance for the stock lies in the zone of 3150 to 3170 where 200 Daily SMA and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3200 to 3230 where the stock has formed a short term top.

Broad range for the stock is seen from 3000 – 3030 on downside to 3170 – 3200 on upside.