The recent price movement of Dr. Reddy's stock appears positive and indicates the potential for significant growth. The chart is also relatively easy to interpret, reinforcing this view.
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NESTLEIND and Dr. Reddy's Laboratories agreed to set up a new joint venture consolidating their nutritional businesses, according to an Indian bourse filing on Thursday. The proposed joint venture will combine Nestle Health Science's nutritional health solutions, vitamins, minerals and health supplements with Dr. Reddy's nutraceuticals, the filing said.
This script is trading below 20 & 50 MA, with weakness and downtrend visible on the chart.
The script has also formed a descending triangle pattern.
A breakdown of this triangle may lead to a correction.
Entry and target levels are marked on the chart.
Stoploss is to be placed above the previous swing high.
NIFTY PHARMA INDEX is also weak.
Dr Reddy's Lab has formed a long-term Cup & Handle pattern and has reached a resistance level. A breach of this resistance shall entail a rise in price level by another INR 1500 from current levels. Let us keep track of it.
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As per the chart and earnings, it is in consolidation and might continue with the same till next quarterly earning report, will give the above mentioned targets if the quarterly targets are matched as given in commentary in last quarterly report
The Company had posted extraordinary result as well as giving breakout on charts. The Pharma index also on the verge of breakout after long consolidation. Overall, a good buy in short term on can go for the above mentioned levels even in futures also.
Dr Reddy might give a further up move for small targets and for INTRADAY or 2,3 days SWING trade.
Entry - 6190 above or sustaining between 6190-6200
STOPLOSS - 6130
TARGETS - 6300, 6350++
Note - if any trade or value that's gone from the marked levels then that's not our trade just let it go or wait for it to come back
I'm not sebi registered this is my personal view
As per price action formation has been made in 1 week TF.
Its a very big move.
Always check the sentiments of the market as per technical analysis, if the pattern get its respect.
Best of luck to all traders.
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All information is for educational purposes only, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. I'm are not responsible for any profit/loss you made.
DRREDDY DAILY CHART
Ellipse breakout @ 5857 MOB @ 6400-6475 Support @ 5500
This stock has witnessed an ellipse breakout & is likely to head higher at the projected target MOB @ 6400-6475
Its only an observation & not any suggestion or recommendation.
These are swing ideas which you can add your watchlist and analysis for yourself !
Keep on your radar!
This I am not sebi ragister I am not sebi ragister I
Support and Resistance Levels:
Based on the price action, you have to identify two significant levels: the red line acting as resistance and the green line acting as support. Additionally, there have marked red and green shades to represent resistance and support zones, respectively.
Support: The green line and green shade represent support levels. These levels...
DrReddy is forming a good ascending triangle.
Pharma/Hospital companies are rising lately with some good earning calls.
A close above 6000 would lead to new highs.
SL: 5500
Targets: 6450/7200
