EquityPandit’s Outlook for Dr. Reddy for the week (September 07, 2015 – September 11, 2015):
Dr Reddy closed the week on negative note losing more than 3%.
As we have mentioned last week that if the stock manages to close above the levels of 4250 the stock can move to the levels of 4350 to 4400, the stock manages to hit a high of 4320 during the week and sold off to the levels of 4025.
Support for the stock lies in the zone of 4000 where upward moving trend-line and 50 Daily EMA is lying. Below the levels of 4000 the stock can move to the levels of 3870 where medium term trend-line support for the stock is lying. If the stock closes below the levels of 3870 the stock can drift to the levels of 3700 where 100 Daily SMA is lying.
Resistance for the stock lies in the zone of 4200 to 4250 from where the stock has broken down above which the stock can move to the levels of 4400.
Broad range for the stock is seen from 3800 – 3850 on downside to 4250 – 4300 on upside.