EquityPandit’s Outlook for Dr. Reddy for the week (September 19, 2016 – September 23, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.40%.

As we have mentioned last week that support for the stock lies in the zone of 3130 to 3150 where short term and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3050 to 3070 from where the stock broke out of 1 month of consolidation. During the week the stock manages to hit a low of 3132 and close the week around the levels of 3150.

Support for the stock lies in the zone of 3130 to 3150 where short term and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3050 to 3070 from where the stock broke out of 1 month of consolidation.

Minor resistance for the stock lies in the zone of 3180 to 3210. Resistance for the stock lies in the zone of 3250 to 3280 from where the stock has opened gap down. If the stock manages to close above these levels then the stock can move to the levels of 3500 to 3600.

Broad range for the stock is seen from 3050 – 3080 on downside to 3230 – 3250 on upside.