EquityPandit’s Outlook for Dr. Reddy for the week (February 13, 2017 – February 17, 2017) :
Dr Reddy closed the week on negative note losing around 5.40%.
As we have mentioned last week that resistance for the stock lies in the zone of 3200 to 3220 where the stock has formed a top in the month of January-2017 and Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 3330 to 3350 from where the stock sold off in the month of November-2016. During the week the stock manages to hit a high of 3177 and close the week around the levels of 2976.
Support for the stock lies in the zone of 2900 to 2930 from where the stock has bounced in the month of July-2016 and January-2017. If the stock manages to close below these levels then the stock can drift to the levels of 2820 to 2840 levels where the stock has taken multiple support in the month of February-2016 and May-2016.
Resistance for the stock lies in the zone of 3030 to 3050 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 3100 to 3130 where 200 Daily SMA is lying.
Broad range for the stock is seen from 2850 – 2880 on downside to 3100 – 3130 on upside.