EquityPandit’s Outlook for Dr. Reddy for the week  (Nov 26, 2018 – Nov 30, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 5.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2480 to 2520 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2650 where high for the month of September-2018 is lying. During the week the stock manages to hit a high of 2655 and close the week around the levels of 2609.

Support for the stock lies in the zone of 2480 to 2520 where Fibonacci 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 2360 to 2390 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2640 to 2670, where high for the month of September-2018 and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2750 to 2780 where high for the month of July-2017 is lying.

Broad range for the stock is seen from 2400 – 2450 on downside & 2750 – 2800 on upside.