EquityPandit’s Outlook for Dr. Reddy for week (August 03, 2015 – August 07, 2015):
Dr. Reddy (NSE: DRREDDY) closed the week on positive note gaining more than 4%.
As we have been mentioning since last 2 weeks that 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 4100 and stock made the high of 4076 during the week.
Support for the stock lies in the zone of 3965 from where the stock broke out.
Resistance for the stock lies in the zone of 4150 to 4200 where upper end of the channel is positioned.
Broad range for the stock is seen from 3900 – 3950 on downside to 4150 – 4200 on upside.