EquityPandit’s Outlook for Dr. Reddy for the week  (Nov 20, 2017 – Nov 24, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.00%.

As we have mentioned last week, that support for the stock lies in the zone of 2300 to 2350 where break out levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2200 to 2250 where long term Fibonacci levels are lying. During the week the stock manages to hit a low of 2293 and close the week around the levels of 2322.

Support for the stock lies in the zone of 2250 to 2280 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2050 to 2100 from where the stock broke out in the month of September-2017.

Resistance for the stock lies in the zone of 2350 to 2400 where short & medium term moving averages and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2520 where the stock has opened gap down and 200 Daily moving averages are lying.

Broad range for the stock is seen from 2200 – 2230 on downside & 2450 – 2500 on upside.