EquityPandit’s Outlook for Dr. Reddy for the week (August 17, 2015 – August 21, 2015):
Dr Reddy closed the week on absolutely flat note.
As we have mentioned last week that if the stock manages to close above the levels of 4326 the stock can move to the levels of 4500, but the stock could not close above this level and sold off to the levels of 4250 during the week.
The stock has formed a Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the stock.
For the coming week if the stock manages to close above the levels of 4336 the stock can move to the levels of 4500.
During the week the stock is seen consolidating in the range of 4180 on downside to 4336 on upside. A break on either side will decide the further direction of the stock.
Support for the stock lies in the zone of 4150 from where the stock has broken out of the channel.
Broad range for the stock is seen from 4100 – 4150 on downside to 4400 – 4450 on upside.