EquityPandit’s Outlook for Dr. Reddy for week (July 20, 2015 – July 24, 2015):
Dr. Reddy closed the week on positive note gaining more than 3%.
The stock has been in the strong uptrend and has gained close to 19% from the lows which was formed on 16/06/2015.
The stock has made a life time high of 3888 on 17/07/2015 indicating the strong uptrend in the stock.
If the stock manages to cross above the channel resistance positioned around the levels of 3950, we may see stock moving towards the levels of 4200.
Support for the stock lies in the zone of 3750 to 3800 where short term moving averages are positioned.
Broad range for the stock is seen from 3750 – 3800 on downside to 3950 – 4000 on upside.