EquityPandit’s Outlook for Dr. Reddy for the week (June 20, 2016 – June 24, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 2.10%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 3100 to 3120. Resistance for the stock lies in the zone of 3150 to 3170 from where the stock has sold off in the month of April – 2016. If the stock manages to close above these levels then the stock can move to the levels of 3250 to 3300 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 3109 and close the week around the levels of 3003.

Support for the stock lies in the zone of 2820 to 2840 where trend-line joining earlier lows is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2750 where the stock has formed a medium term bottom.

Resistance for the stock lies in the zone of 3080 to 3100 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3150 to 3170 from where the stock has sold off in the month of April – 2016.

Broad range for the stock is seen from 2820 – 2840 on downside to 3100 – 3130 on upside.