EquityPandit’s Outlook for Dr. Reddy for the week (March 28, 2016 – April 01, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 3.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 3250 to 3300 where 100 & 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 3330 to 3350 where the stock has opened a gap down on 26/11/2015. During the week the stock manages to hit a high of 3200 and close the week around the levels of 3048.

Support for the stock lies in the zone of 2950 to 2980 where short term moving averages and gap is lying. If the stock manages to close below this levels then the stock can drift to the levels of 2800 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 3150 to 3200 where 100 & 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 3330 to 3350 where the stock has opened a gap down on 26/11/2015.

Broad range for the stock is seen from 2950 – 2980 on downside to 3150 – 3200 on upside.