EquityPandit’s Outlook for Dr. Reddy for the week (January 02, 2017 – January 06, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.10%.

As we have mentioned last week that support for the stock lies in the zone of 3000 to 3010 where the stock has formed a bottom in the month of October – 2016 and November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2920 where the stock has formed a bottom in the month of July-2016. During the week the stock manages to hit a low of 2979 and close the week around the levels of 3060.

Minor support for the stock lies in the zone of 3030 to 3040. Support for the stock lies in the zone of 2980 to 3000 where the stock has formed a bottom in the month of October – 2016 and November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2920 where the stock has formed a bottom in the month of July-2016.

Minor resistance for the stock lies in the zone of 3050 to 3070. Resistance for the stock lies in the zone of 3150 to 3170 where 200 Daily SMA and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3200 to 3230 where the stock has formed a short term top.

Broad range for the stock is seen from 2980 – 3000 on downside to 3130 – 3150 on upside.