EquityPandit’s Outlook for Dr. Reddy for the week  (July 31, 2017 – Aug 04, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 10.80%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 2787 and close the week around the levels of 2465.

Support for the stock lies in the zone of 2370 to 2400 where the stock has formed a bottom in the month of May-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2300 to 2330.

Resistance for the stock lies in the zone of 2480 to 2500 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2580 to 2600.

Broad range for the stock is seen from 2350 – 2380 on downside & 2580 – 2600 on upside.