Thursday, 2 August 2018

Buy Dr Reddy's Labs, target Rs 2310



Traders can accumulate the stock in the range of Rs 2,165-2,185 for the target of Rs 2,310 with a stop loss below Rs 2,097.


Dr. Reddy's Labs has found support at the 200-Double Exponential Moving Average (DEMA) and moved up to some extent; in addition, a price has moved above its previous “inflection point” on closing basis.

In the recent move, the stock has moved above its 38.20% Fibonacci Retracement level of the previous fall from Rs 2,387 to Rs 2,025.


On the weekly chart, a positive divergence is visible in the RSI (14). Traders can accumulate the stock in the range of Rs 2,165-2,185 for the target of Rs 2,310 with a stop loss below Rs 2,097.


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