EquityPandit’s Outlook for Dr. Reddy for the week (October 19, 2015 – October 23, 2015):

DR. REDDY:

Dr Reddy closed the week on absolutely flat note.

As we have mentioned last week that resistance for the stock lies in the range of 4290 to 4320 where trend-line joining highs is positioned. If the stock manages to move above this levels on closing basis then the stock can move to the levels of 4400. During the week the stock manages to hit a high of 4283 and close the week around the levels of 4265.

Resistance for the stock lies in the range of 4290 to 4320 where trend-line joining highs is positioned. If the stock manages to move above this levels on closing basis then the stock can move to the levels of 4400.

Support for the stock lies in the range of 4100 to 4150 where short term moving averages are positioned. The stock has formed a double bottom around the levels of 4150. If the stock breaks below this levels then the stock can drift to the levels of 4000 where from the stock has broken out of the W – shaped pattern.

The stock has been forming the Doji pattern on weekly charts in an uptrend indicating the indecision amongst the traders about the further direction of the stock.

Broad range for the stock is seen from 4150 – 4170 on downside to 4320 – 4350 on upside.