EquityPandit’s Outlook for Dr. Reddy for the week (November 16, 2015 – November 20, 2015):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 6.6%.

As we have mentioned last week that support for the stock lies in the range of 3400 to 3450 where channel support for the stock is lying. As seen from the chart the stock is moving in this channel since August – 2014. Minor support for the stock is lying around the levels of 3580 where trend-line joining the lows of 09/02/2015 and 16/06/2015 is positioned. During the week the stock broke all the support levels and drifted to the lower levels of 3250 where long term support zone for the stock is lying.

During the week the stock broke the channel support and close below the support zone. Support for the stock lies in the range of 3250 where long term trend-line support and 100 Weekly SMA are positioned. If the stock closes below the levels of 3250 then the stock can drift to the levels of 3130 where 500 Daily SMA is positioned.

Resistance for the stock lies in the range of 3450 to 3500 from where the stock has broken the channel support. If the stock closes above this levels then the stock can move to the levels of 3700 where 200 Daily SMA is positioned.

Broad range for the stock is seen from 3230 – 3250 on downside to 3500 – 3530 on upside.