EquityPandit’s Outlook for Dr. Reddy for the week (October 03, 2016 – October 07, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 2.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 3210 to 3230. Resistance for the stock lies in the zone of 3250 to 3280 from 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 3500 to 3600. During the week the stock manages to hit a high of 3228 and close the week around the levels of 3107.

Support for the stock lies in the zone of 3100 to 3130 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 3050 to 3070 from where the stock broke out of 1 month of consolidation. If the stock manages to close below these levels then the stock can drift to the levels of 2920 to 2950.

Minor resistance for the stock lies in the zone of 3150 to 3170 where short term moving averages are lying. Resistance for the stock lies in the zone of 3210 to 3230. Resistance for the stock lies in the zone of 3250 to 3280 from 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 3500 to 3600.

Broad range for the stock is seen from 3020 – 3040 on downside to 3160 – 3180 on upside.