EquityPandit’s Outlook for Dr. Reddy for the week (November 07, 2016 – November 11, 2016) :

DR. REDDY:

Dr Reddy closed the week on negative note losing around 7.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 3400 to 3450. If the stock manages to close above these levels then the stock can move to the levels of 3650 to 3700 from where the stock has sold off in the month of July – 2016. During the week the stock manages to hit a high of 3362 and close the week around the levels of 3080.

Minor support for the stock lies in the zone of 3050 to 3060. Support for the stock lies in the zone of 3000 to 3010 where the stock has bounced in the month of October – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2930 where the stock has formed a bottom in the month of July – 2016 and August – 2016.

Resistance for the stock lies in the zone of 3100 to 3150 where 200 Daily SMA and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3200 to 3230.

Broad range for the stock is seen from 2900 – 2930 on downside to 3200 – 3250 on upside.