EquityPandit’s Outlook for Dr. Reddy for the week (May 07, 2018 – May 11, 2018) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.50%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 2088 and close the week around the levels of 2106.

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 2150 to 2200 where the stock has formed a top in the month of April-2018. If the stock manages to close above these levels then the stock can move to the levels of 2250 to 2300 where medium & long term moving averages and break down levels are lying.

Broad range for the stock is seen from 2000 – 2050 on downside & 2250 – 2300 on upside.