EquityPandit’s Outlook for Dr. Reddy for the week  (Oct 15, 2018 – Oct 19, 2018) : 

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2500 to 2530 where high for the month of August-2018 is lying. If the stock manages to close above these levels then the stock can move to the levels of 2630 to 2670 where high for the month of January-2018 and September-2018 are lying. During the week the stock manages to hit a high of 2516 and close the week around the levels of 2451.

Support for the stock lies in the zone of 2350 to 2380 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2220 to 2250 where Fibonacci levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 2500 to 2530 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2630 to 2670 where high for the month of January-2018 and September-2018 are lying.

Broad range for the stock is seen from 2300 – 2350 on downside & 2550 – 2600 on upside.