Dr. Reddy Outlook for the Week (Aug 10,2020 – Aug 14,2020)

For the Week: (Aug 10,2020– Aug 14,2020).

BSE: 500180

SECTOR: PHARMA.

SUPPORT 1.
4326.00.

Technically on the daily charts EquityPandits Analyst see: Minor assistance on the drawback lies at 4326 levels, Minor resistance on the upside is topped around 4710 levels.

Stock is trading above 200 days rapid moving average, suggests long term trend is bearish. EquityPandit anticipates Range for the week as 4800 on upside and 4180 on downside.

Weekly Support & & Resistance For DRRDDY Ltd:.

The stock near perpetuity high levels and heading towards greater levels week on week with strong volumes. Stock seem to be overbought and threat and benefit ratio is not favorable for the fresh buying. Only momentum traders need to take entry with tight stop loss.

If stock breaches small assistance on the downside and closes below it we might see fresh break down and stock can drag towards Major Support on lower side @ 4185 and If stock breaches minor resistance on the benefit and closes above it we might see fresh breakout and stock can head towards Major Resistances Level @ 4800.

ASSISTANCE 2.
4185.00.

The stock near all time high levels and heading towards higher levels week on week with strong volumes. Stock appear to be overbought and danger and benefit ratio is not beneficial for the fresh purchasing. Only momentum traders need to take entry with tight stop loss.

DrReddy Share Price: 4573.50 (NSE).

Week Range: 1216.85 Points.

Week Low: 3490.15.

Stock closed the week on positive note gaining +1.16%.

RESISTANCE 2.
4800.00.

Week High: 4707.00.

RESISTANCE 1.
4710.00.