EquityPandit’s Outlook for Dr. Reddy for the week ( Jan 01, 2018 – Jan 05, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that support for the stock lies in the zone of 2280 to 2320 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2200 to 2220 where break out levels are lying. During the week the stock manages to hit a low of 2329 and close the week around the levels of 2414.

Support for the stock lies in the zone of 2330 to 2370 where short term moving averages and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2230 to 2270 where break out levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2430 to 2450 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2520 where the stock has formed a top in the month of September-2017, October-2017 and November-2017.

Broad range for the stock is seen from 2300 – 2330 on downside & 2500 – 2520 on upside.