EquityPandit’s Outlook for Dr. Reddy for the week  (May 22, 2017 – May 26, 2017) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.90%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 2600 to 2620. 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 2760 and close the week around the levels of 2656.

Support for the stock lies in the zone of 2620 to 2640. If the stock manages to close below these levels then the stock can drift to the levels of 2520 to 2560 where the stock has formed a short term bottom. 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 2550 – 2580 on downside & 2750 – 2780 on upside.