EquityPandit’s Outlook for Dr. Reddy for the week (October 26, 2015 – October 30, 2015):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.8%.

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 4386 and retraced to close the week around the levels of 4188.

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 4120 to 4150 where short term moving averages are positioned. The stock has formed a double bottom around the levels of 4150. If the stock breaks below this levels then the stock can drift to the levels of 4000 where from the stock has broken out of the W – shaped pattern.

The stock has formed a Shooting star pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to close above the levels of 4386 to negate this pattern.

Broad range for the stock is seen from 4100 – 4130 on downside to 4250 – 4300 on upside.