EquityPandit’s Outlook for Dr. Reddy for the week (January 11, 2016 – January 15, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 3.20%.

As we have mentioned last week that support for the stock lies in the zone of 3050 to 3100 from where the stock has broken down. If the stock manages to close below this levels then the stock can drift to the levels of 2940 from where the stock has broken out in the month of August – 2014. During the week the stock manages to hit a low of 2975 and close the week around the levels of 3010.

Support for the stock lies in the zone of 2940 from where the stock has broken out in the month of August – 2014. If the stock closes below this levels then the stock can drift to the levels of 2600 where 1000 Daily SMA and 200 Weekly SMA are lying.

Resistance for the stock lies in the zone of 3100 to 3150. If the stock manages to close above this levels then the stock can move to the levels of 3200 where 500 Daily SMA and 100 Weekly SMA is lying.

Broad range for the stock is seen from 2850 – 2900 on downside to 3200 – 3250 on upside.