EquityPandit’s Outlook for Dr. Reddy for the week (Mar 18, 2019 – Mar 22, 2019) :
BSE: 500180| NSE: DRREDDY| ISIN: INE040A01026| SECTOR: PHARMA
Stock closed the week on positive note gaining +1.59%
Week High: 2666.65
Week Low: 2615.95
Week Range: 50.70
Technically on the daily charts EquitPandit’s analyst see minor support on the downside for DRREDDY at 2550- 2560 levels, whereas minor resistance on the upside is capped around 2720- 2730 levels.
If stock breaches minor support on the downside and closes below it we may see fresh breakdown and stock may drag towards next major support levels lower side around 2420- 2400, if stock breaches minor resistance levels on the upside and closes above it we may see fresh breakout and stock can head towards major resistance levels placed around 2800- 2810
Currently trend for the stock is bullish as stock trading above 200 days exponential moving averages. EquityPandit’s predicts DRREDDY range for the week is seen from 2800- 2810 on upside & 2400-2420 on downside.