EquityPandit’s Outlook for Dr. Reddy for the week (June 27, 2016 – July 01, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 5.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 3080 to 3100 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3150 to 3170 from where the stock has sold off in the month of April – 2016. During the week the stock manages to hit a high of 3179 and close the week around the levels of 3153.

Support for the stock lies in the zone of 3050 to 3100 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3000 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 3200 to 3230 where the stock has made a top in the month of June – 2016. If the stock manages to close above these levels then the stock can move to the levels of 3290 to 3320 where 200 Daily SMA is lying.

Broad range for the stock is seen from 3030 – 3060 on downside to 3230 – 3250 on upside.