EquityPandit’s Outlook for Dr. Reddy for the week (September 14, 2015 – September 18, 2015):
Dr Reddy closed the week on negative note losing around 1%.
As we have mentioned last week that the 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 and the stock manages to hit a low of 3851 during the week and bounce to close the week around the levels of 4014.
Support for the stock lies in the range of 3950. If the stock closes below the levels of 3950 the stock can drift to the levels of 3750 to 3800 where 100 Daily SMA and trend-line support for the stock are positioned.
Resistance for the stock lies in the zone of 4050 to 4100 where short term moving averages are positioned. If the stock manages to close above this levels then the stock can move to the levels of 4200.
Broad range for the stock is seen from 3800 – 3850 on downside to 4150 – 4200 on upside.