EquityPandit’s Outlook for Dr. Reddy for the week  (May 29, 2017 – June 02, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 9.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 2398 and close the week around the levels of 2414.

Support for the stock lies in the zone of 2370 to 2400 where long term Fibonacci levels are lying. 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. If the stock manages to close below these levels then the stock can drift to the levels of 1800 to 1900.

Resistance for the stock lies in the zone of 2520 to 2550 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2640 where Fibonacci levels are lying.

Broad range for the stock is seen from 2250 – 2300 on downside & 2550 – 2580 on upside.