EquityPandit’s Outlook for Dr. Reddy for the week  (Mar 05, 2019 – Mar 08, 2019) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2700 to 2750 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2800 to 2850 where long term Fibonacci levels are lying. During the week the stock manages to hit a high of 2695 and close the week around the levels of 2646.

Minor support for the stock lies in the zone of 2550 to 2600. Support for the stock lies in the zone of 2450 to 2500 where Fibonacci levels 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 2350 to 2400 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 2700 to 2750 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2800 to 2850 where long term Fibonacci levels are lying.

Broad range for the stock is seen from 2400 – 2450 on downside & 2750 – 2800 on upside.