EquityPandit’s Outlook for Dr. Reddy for the week (October 10, 2016 – October 14, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 3045 and close the week around the levels of 3054.

Support for the stock lies in the zone 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.

Resistance for the stock lies in the zone of 3100 to 3130 where 200 Daily SMA 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 3180 to 3230 levels where the stock has formed a double top formation.

Broad range for the stock is seen from 2970 – 2990 on downside to 3100 – 3130 on upside.