EquityPandit’s Outlook for Dr. Reddy for the week  (June 12, 2017 – June 16, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 2550 to 2570 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2620 to 2650 where Fibonacci levels are lying. During the week the stock manages to hit a high of 2666 and close the week around the levels of 2629.

Minor support for the stock lies in the zone of 2550 to 2570. Support for the stock lies in the zone of 2370 to 2400 where long term Fibonacci levels are 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. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1900.

Resistance for the stock lies in the zone of 2640 to 2660 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2730 to 2760 where the stock has formed a double top pattern.

Broad range for the stock is seen from 2500 – 2530 on downside & 2730 – 2760 on upside.