May 15, 2017
Dr Reddys Lab (NSE Cash)
BUY
` 2515
` 2610 - 2620
` 2800
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 09:30 IST)
Justification:
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
technical evidences; we advise traders to buy this stock at current levels to a decline up to `2610 for a target of `2800
over the next 14 - 21 sessions. The stop loss should be fixed at `2515.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
1
May 15, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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