EquityPandit’s Outlook for Dr. Reddy for the week  (Oct 29, 2018 – Nov 02, 2018) : 

DR. REDDY:

Dr Reddy closed the week on negative note losing around 5.80%.

As we have mentioned last week, that support for the stock lies in the zone of 2480 to 2520 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2350 to 2380 where Fibonacci levels are lying. During the week the stock manages to hit a low of 2368 and close the week around the levels of 2405.

Support for the stock lies in the zone of 2350 to 2380 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2250 to 2280 where Fibonacci levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 2480 to 2520 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2600 to 2650 where high for the month of September-2018 is lying.

Broad range for the stock is seen from 2250 – 2300 on downside & 2550 – 2600 on upside.