EquityPandit’s Outlook for Dr. Reddy for the week (June 13, 2016 – June 17, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 3.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 3183 and close the week around the levels of 3066.

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.

Minor resistance for the stock lies in the zone of 3100 to 3120. Resistance for the stock lies in the 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 2950 – 2980 on downside to 3150 – 3180 on upside.