Signals, Powered By EquityPandit
DRREDDY Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
BSE: 500180| NSE: DRREDDY| ISIN: INE040A01026| SECTOR: PHARMA
Stock closed the Weekly on negative note losing –1.18%
DrReddy Share Price: 4322.50 (NSE)
Weekly High: 4483.45
Weekly Low: 4216.65
Weekly Range: 266.80 Points
Weekly Support & Resistance For DR. Reddy:
| RESISTANCE 2 | 4675.00 |
| RESISTANCE 1 | 4555.00 |
| SUPPORT 1 | 4180.00 |
| SUPPORT 2 | 4030.00 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 4180levels, Minor resistance on the upside is capped around 4555 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 4030 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 4675.
Stock is trading above 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts Range for the Weekly as 4700 on upside and 4000 on downside.
Caution stance on the Pharma as already trading at high levels and some profit booking is healthy for the sector as a whole so one much accumulate the pharma stocks on support levels.
