EquityPandit’s Outlook for Dr. Reddy for the week (February 20, 2017 – February 24, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 2.10%.

As we have mentioned last week that support for the stock lies in the zone of 2900 to 2930 from where the stock has bounced in the month of July-2016 and January-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2820 to 2840 levels where the stock has taken multiple support in the month of February-2016 and May-2016. During the week the stock manages to hit a low of 2799 and close the week around the levels of 2913.

Support for the stock lies in the zone of 2900 to 2920 from where the stock has bounced in the month of July-2016 and January-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2820 to 2840 levels where the stock has taken multiple support in the month of February-2016 and May-2016.

Minor resistance for the stock lies in the zone of 2950 to 2970. Resistance for the stock lies in the zone of 3020 to 3050 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 3100 to 3130 where 200 Daily SMA is lying.

Broad range for the stock is seen from 2790 – 2810 on downside to 3000 – 3020 on upside.