EquityPandit’s Outlook for Dr. Reddy for the week (May 09, 2016 – May 13, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 7.20%.

As we have mentioned last week that support for the stock lies in the zone of 3050 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2950 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 2860 and close the week around the levels of 2866.

Support for the stock lies in the zone of 2750 to 2800 where the stock has formed a medium term bottom. If the stock manages to close below these levels then the stock can witness a freefall as virtually no support is visible and stock can drift to the levels of 2500.

Resistance for the stock lies in the zone of 2950 to 3000 where 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 3100 to 3150 from where the stock has sold off.

Broad range for the stock is seen from 2750 – 2775 on downside to 2925 – 2950 on upside.