EquityPandit’s Outlook for Dr. Reddy for the week (June 18, 2018 – June 22, 2018) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 13.90%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 2080 to 2100. Resistance for the stock lies in the zone of 2180 to 2200 where high for the month of April-2018 and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2300 to 2350 where Fibonacci levels are lying. During the week the stock manages to hit a high of 2386 and close the week around the levels of 2350.

Support for the stock lies in the zone of 2180 to 2200 where high for the month of April-2018 and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2050 to 2100 where short and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2350 to 2400 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2550 to 2600 where the stock has formed a high in the month of January-2018.

Broad range for the stock is seen from 2150 – 2200 on downside & 2550 – 2600 on upside.