EquityPandit’s Outlook for Dr. Reddy for the week (October 12, 2015 – October 16, 2015):

DR. REDDY:

Dr Reddy closed the week on positive note gaining more than 0.5%.

As we have mentioned last week that resistance for the stock lies in the range of 4290 to 4320 where trend-line joining highs is positioned. If the stock manages to move above this levels on closing basis then the stock can move to the levels of 4400. During the week the stock manages to hit a high of 4304 and retraced back to the levels of 4186 and close the week around the levels of 4257.

Resistance for the stock lies in the range of 4290 to 4320 where trend-line joining highs is positioned. If the stock manages to move above this levels on closing basis then the stock can move to the levels of 4400.

Support for the stock lies in the range of 4100 to 4150 where short term moving averages are positioned.

The stock has been forming a Bearish pattern on daily charts in an uptrend.

Broad range for the stock is seen from 4150 – 4170 on downside to 4320 – 4350 on upside.