EquityPandit’s Outlook for Dr. Reddy for the week (July 04, 2016 – July 08, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 10.50%.

As we have mentioned last week that support for the stock lies in the zone of 3050 to 3100 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 3000 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 3132 and close the week around the levels of 3484.

Support for the stock lies in the zone of 3290 to 3320 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 3200 where short term moving averages are lying.

Resistance for the stock lies in the zone of 3575 to 3605 where the stock has opened gap down on 09/11/2015. If the stock manages to close above these levels then the stock can move to the levels of 3800.

Broad range for the stock is seen from 3250 – 3290 on downside to 3575 – 3600 on upside.