EquityPandit’s Outlook for Dr. Reddy for the week (November 01, 2016 – November 04, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 8.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 3060 to 3080. Support for the stock lies in the zone of 3000 to 3020 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2920 where the stock has formed a bottom in the month of July – 2016. During the week the stock manages to hit a low of 3068 and close the week around the levels of 3363.

Minor support for the stock lies in the zone of 3270 to 3280. Support for the stock lies in the zone of 3220 to 3240 from where the stock has broken out of the double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 3150 to 3170 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 3400 to 3450. If the stock manages to close above these levels then the stock can move to the levels of 3650 to 3700 from where the stock has sold off in the month of July – 2016.

Broad range for the stock is seen from 3220 – 3250 on downside to 3450 – 3500 on upside.