EquityPandit’s Outlook for Dr. Reddy for the week (October 24, 2016 – October 28, 2016) :

DR. REDDY:

Dr Reddy closed the week on positive note gaining around 2.70%.

As we have mentioned last week that minor support for the stock lies in the zone of 2980 to 3000. Support for the stock lies in the zone of 2900 to 2920 from where the stock has bounced in the month of August – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2750 to 2800 where the stock has formed a bottom in the month of January – 2016 and February – 2016. During the week the stock manages to hit a low of 3012 and close the week around the levels of 3114.

Minor support for the stock lies in the zone of 3060 to 3080. Support for the stock lies in the zone of 3000 to 3020 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 2900 to 2920 where the stock has formed a bottom in the month of July – 2016.

Resistance for the stock lies in the zone of 3100 to 3130 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 3190 to 3230 levels where the stock has formed a double top formation.

Broad range for the stock is seen from 3000 – 3030 on downside to 3200 – 3230 on upside.