EquityPandit’s Outlook for Dr. Reddy for the week  (July 03, 2017 – July 07, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.70%.

As we have mentioned last week that support for the stock lies in the zone of 2610 to 2640 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2550 to 2580 where break out levels for the stock is lying. Long term support for the stock lies in the zone of 2200 to 2300 where the stock has taken support in the month of May-2014. During the week the stock manages to hit a low of 2625 and close the week around the levels of 2690.

Minor support for the stock lies in the zone of 2660 to 2670. Support for the stock lies in the zone of 2610 to 2640 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2550 to 2580 where break out levels for the stock is lying.

Resistance for the stock lies in the zone of 2730 to 2760 where the stock has formed a double top pattern. If the stock manages to close above these levels then the stock can move to the levels of 2820 to 2850 where Fibonacci levels are lying.

Broad range for the stock is seen from 2580 – 2600 on downside & 2800 – 2820 on upside.