EquityPandit’s Outlook for Dr. Reddy for the week (Feb 19, 2018 – Feb 23, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2150 to 2200 from where the stock broke down from the December-2017 lows. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where Fibonacci levels and short & medium term moving averages are lying. During the week the stock manages to hit a high of 2240 and close the week around the levels of 2214.

Minor support for the stock lies in the zone of 2120 to 2140. Support for the stock lies in the zone of 2000 to 2050 from where the stock broke out on weekly charts. If the stock manages to close below these levels then the stock can drift to the levels of 1900 to 1950 where Fibonacci levels and bottom for the month of August-2017 is lying.

Resistance for the stock lies in the zone of 2170 to 2220 from where the stock broke down from the December-2017 lows. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the stock is seen from 2050 – 2100 on downside & 2350 – 2400 on upside.