EquityPandit’s Outlook for Dr. Reddy for the week  (Fev 11, 2019 – Feb 15, 2019) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2950 to 3000. During the week the stock manages to hit a high of 2878 and close the week around the levels of 2770.

Support for the stock lies in the zone of 2700 to 2750 from where the stock broke out of December-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 2600 to 2650 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2950 to 3000.

Broad range for the stock is seen from 2600 – 2650 on downside & 2900 – 2950 on upside.