EquityPandit’s Outlook for Dr. Reddy for the week (September 06, 2016 – September 09, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 3050 to 3070 where the stock has opened gap down on 27/07/2016. If the stock manages to close above these levels then the stock can move to the levels of 3110 to 3130 where medium term moving averages are lying. During the week the stock manages to hit a high of 3139 and close the week around the levels of 3123.

Minor support for the stock lies in the zone of 3050 to 3070 from where the stock broke out of the 1 month of consolidation. If the stock manages to close below these levels then the stock can drift to the levels of 2930 to 2980.

Resistance for the stock lies in the zone of 3130 to 3160 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3250 to 3280.

Broad range for the stock is seen from 3050 – 3070 on downside to 3200 – 3230 on upside.