EquityPandit’s Outlook for Dr. Reddy for the week(April 15, 2019 – April 19, 2019):
BSE: 500180| NSE: DRREDDY| ISIN: INE040A01026| SECTOR: PHARMA
Stock closed the week on positive note gaining +1.28%
Week High: 2,810.20
Week Low: 2,753.35
Week Range: 56.85 Points
Technically on the daily charts EquitPandit’s analyst see minor support on the downside for DRREDDY at 2700- 2710 levels, whereas minor resistance on the upside is capped around 2830- 2840 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 2560- 2550, 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 2950- 2960
Currently trend for the stock is bullish asstock trading above 200 days exponential moving averages.
EquityPandit’s predicts DRREDDY range for the week is seen from 2950- 2960 on upside &2560- 2550 on downside.