EquityPandit’s Outlook for Dr. Reddy for the week (October 17, 2016 – October 21, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 0.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 3099 and close the week around the levels of 3031.

Minor support for the stock lies in the zone of 2980 to 3000. Support for the stock lies in the zone of 2900 to 2920 from where the stock has bounced in the month of August – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2750 to 2800 where the stock has formed a bottom in the month of January – 2016 and February – 2016.

Minor resistance for the stock lies in the zone of 3065 to 3085. 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 2900 – 2930 on downside to 3100 – 3130 on upside.