EquityPandit’s Outlook for Dr. Reddy for the week (April 25, 2016 – April 29, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 1.40%.

As we have mentioned last week that the stock has closed just above the resistance zone of 3050 to 3100 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 3250 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 3160 and close the week around the levels of 3142.

Support for the stock lies in the zone of 3050 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2950 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 3250 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 3350 where the stock had opened gap down on 26/11/2015.

Broad range for the stock is seen from 3000 – 3050 on downside to 3250 – 3300 on upside.