EquityPandit’s Outlook for Dr. Reddy for the week  (Oct 16, 2017 – Oct 19, 2017) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.90%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 2400 to 2450. Resistance for the stock lies in the zone of 2500 to 2520 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2650 where 200 daily moving averages are lying. During the week the stock manages to hit a high of 2433 and close the week around the levels of 2354.

Support for the stock lies in the zone of 2300 to 2350 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2200 to 2250 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 2400 to 2450. Resistance for the stock lies in the zone of 2500 to 2520 where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2650 where 200 daily moving averages are lying.

Broad range for the stock is seen from 2200 – 2230 on downside & 2500 – 2550 on upside.