May 15, 2017
Dr Reddys Lab (NSE Cash)
2610 - 2620
14 - 21 sessions
Source: Falcon (Time: 09:30 IST)
Last few months were not good for most of the ‘Pharma’ counters and inline with its peers, ‘Dr. Reddys Lab’ too has seen
a severe pain in the recent past. After a decent correction, the stock is moving in a sideways direction from last few
sessions. On Friday, the stock had breached its strong support of
2555 and corrected further to register the low of
2521.95; however, the stock rebounded piercingly post its quarterly results and formed a ‘Hammer’ candle. Today, we
are witnessing a follow-up buying above the previous session’s high and thus it can be a short term reversal trigger for the
counter. At the same time, the stock is in verge of giving breakout from the higher end of the consolidation phase. Also,
we can see a positive diveregnece of the ‘RSI’ oscillator on daily chart, indicating reversal on cards. Considering above
we advise traders to buy this stock at current levels to a decline up to
2610 for a target of
over the next 14 - 21 sessions. The stop loss should be fixed at
Jay Kumar Purohit
022-3935 7600 Extn: 6844
May 15, 2017
Last 14 recommendations
Recom. Buying/Selling Range CMP
102 - 103
520 - 525
128 - 129.50
498 - 502
96 - 96.30
422 - 424
1327 - 1335
432 - 436
Cox & Kings
224 - 227
1100 - 1108
1550 - 1560
2840 - 2855
Source: Angel Research
Research Team Tel: 022 - 4000 3600
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