EquityPandit’s Outlook for Dr. Reddy for the week (July 18, 2016 – July 22, 2016):

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 0.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 3575 to 3605 where the stock has opened gap down on 09/11/2015. If the stock manages to close above these levels then the stock can move to the levels of 3800. During the week the stock manages to hit a high of 3639 and close the week around the levels of 3588.

Minor support for the stock lies in the zone of 3390 to 3400. Support for the stock lies in the zone of 3290 to 3320 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 3200 where short term moving averages are lying.

Resistance for the stock lies in the zone of 3575 to 3605 where the stock has opened gap down on 09/11/2015. If the stock manages to close above these levels then the stock can move to the levels of 3800.

Broad range for the stock is seen from 3450 – 3480 on downside to 3670 – 3700 on upside.