EquityPandit’s Outlook for Dr. Reddy for the week (November 21, 2016 – November 25, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 3355 and close the week around the levels of 3215.

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 3300 – 3350 on upside.