EquityPandit’s Outlook for Dr. Reddy for the week (May 14, 2018 – May 18, 2018) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 5.50%.

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 1960 and close the week around the levels of 1990.

Support for the stock lies in the zone of 1900 to 1950 where Fibonacci levels and bottom for the month of August-2017 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1830.

Resistance for the stock lies in the zone of 2030 to 2060 from where the stock has broken down from March-2018 and April-2018 low. If the stock manages to close above these levels then the stock can move to the levels of 2100 to 2130.

Broad range for the stock is seen from 1850 – 1900 on downside & 2100 – 2150 on upside.