EquityPandit’s Outlook for Dr. Reddy for the week (May 02, 2016 – May 06, 2016):

DR. REDDY:

Dr Reddy closed the week on negative note losing around 1.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 3067 and close the week around the levels of 3089.

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.

Minor resistance for the stock lies in the zone of 3170. 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 3200 – 3250 on upside.