EquityPandit’s Outlook for Dr. Reddy for the week  (July 24, 2017 – July 28, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 2670 to 2680. 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. During the week the stock manages to hit a low of 2682 and close the week around the levels of 2762.

Minor support for the stock lies in the zone of 2700 to 2730. Support for the stock lies in the zone of 2630 to 2650 where Fibonacci levels and short and medium 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 2750 to 2780 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 2650 – 2680 on downside & 2820 – 2850 on upside.