EquityPandit’s Outlook for Dr. Reddy for the week (June 06, 2016 – June 10, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 3100 to 3150 from where the stock has sold off in the month of April – 2016. If the stock manages to close above these levels then the stock can move to the levels of 3200 to 3250 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 3220 and close the week around the levels of 3160.

Support for the stock lies in the zone of 3020 to 3050 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2750 to 2800 where the stock has formed a medium term bottom.

The stock has closed around the resistance zone of 3150 to 3170 from where the stock has sold off in the month of April – 2016. If the stock manages to close above these levels then the stock can move to the levels of 3250 to 3300 where 500 Daily SMA is lying.

Broad range for the stock is seen from 3020 – 3050 on downside to 3220 – 3250 on upside.