EquityPandit’s Outlook for Dr. Reddy for the week (November 15, 2016 – November 18, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 5.70%.

As we have mentioned last week that minor support for the stock lies in the zone of 3050 to 3060. Support for the stock lies in the zone of 3000 to 3010 where the stock has bounced in the month of October – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2930 where the stock has formed a bottom in the month of July – 2016 and August – 2016. During the week the stock manages to hit a low of 2960 and close the week around the levels of 3256.

Support for the stock lies in the zone of 3150 to 3170 where medium term and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 3000 to 3010 where the stock has formed a top in the month of October – 2016.

Resistance for the stock lies in the zone of 3350 to 3400 where the stock has formed a top in the month of October-2016. If the stock manages to close above these levels then the stock can move to the levels of 3450 to 3500.

Broad range for the stock is seen from 3100 – 3130 on downside to 3370 – 3400 on upside.