EquityPandit’s Outlook for Dr. Reddy for the week (November 02, 2015 – November 06, 2015):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.1%.

As we have mentioned last week that support for the stock lies in the range of 4120 to 4150 where short term moving averages are positioned. The stock has formed a double bottom around the levels of 4150. If the stock breaks below this levels then the stock can drift to the levels of 4000 where from the stock has broken out of the W – shaped pattern. During the week the stock manages to hit a low of 4080 and bounce to close the week around the levels of 4280.

Resistance for the stock lies in the range of 4320 to 4350 where trend-line joining highs is positioned. If the stock manages to move above this levels on closing basis then the stock can move to the levels of 4400.

Support for the stock lies in the range of 4130 to 4160 where short term moving averages are positioned. If the stock breaks below this levels then the stock can drift to the levels of 4050 where from the stock has broken out of the W – shaped pattern.

Broad range for the stock is seen from 4100 – 4130 on downside to 4250 – 4300 on upside.