EquityPandit’s Outlook for Dr. Reddy for the week (February 01, 2016 – February 05, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 7.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 3000 to 3050. If the stock manages to close above this levels then the stock can move to the levels of 3150 where 500 Daily SMA and 100 Weekly SMA is lying. During the week the stock manages to hit a high of 3120 and close the week around the levels of 3105.

Support for the stock lies in the zone of 3000 to 3050 where short term moving averages are lying. If the stock closes below this levels then the stock can drift to the levels of 2750 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 3220 to 3250 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock closes above this levels then the stock can move to the levels of 3400.

Broad range for the stock is seen from 2900 – 2950 on downside to 3250 – 3300 on upside.