EquityPandit’s Outlook for Dr. Reddy for the week  (May 02, 2017 – May 05, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 2660 to 2700 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2750 to 2780 where the stock opened gap down on 09/03/2017. During the week the stock manages to hit a high of 2652 and close the week around the levels of 2599.

Minor support for the stock lies in the zone of 2550 to 2600. As stock is trading below major support zone, no support for the stock is visible. Support for the stock lies in the zone of 2520 to 2560. Long term support for the stock lies in the zone of 2200 to 2300 where the stock has taken support in the month of May-2014.

Resistance for the stock lies in the zone of 2660 to 2700 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2750 to 2780 where the stock opened gap down on 09/03/2017.

Broad range for the stock is seen from 2500 – 2530 on downside & 2700 – 2730 on upside.