EquityPandit’s Outlook for Dr. Reddy for the week (Mar 05, 2018 – Mar 09, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that minor support for the stock lies in the zone of 2120 to 2140. Support for the stock lies in the zone of 2000 to 2050 from where the stock broke out on weekly charts. If the stock manages to close below these levels then the stock can drift to the levels of 1900 to 1950 where Fibonacci levels and bottom for the month of August-2017 is lying. During the week the stock manages to hit a low of 2090 and close the week around the levels of 2231.

Minor support for the stock lies in the zone of 2140 to 2160. Support for the stock lies in the zone of 2030 to 2080 from where the stock broke out on weekly charts. If the stock manages to close below these levels then the stock can drift to the levels of 1900 to 1950 where Fibonacci levels and bottom for the month of August-2017 is lying.

Resistance for the stock lies in the zone of 2300 to 2350 where Fibonacci levels and short, medium & long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2450 to 2500 from where the stock has broken down.

Broad range for the stock is seen from 2050 – 2100 on downside & 2350 – 2400 on upside.