Dr Reddys lab has given a nice breakout and the stock can be heading higher over medium term Buying on dips can be considered
Targets
2320 / 2403 / 2520 / 2600
Immediate support around 2160
Stop below 2100
Do review your trading plan and plan your trade accordingly
Take care & safe trading...!!!
Trade active
⋅
We have got the dip we were looking for.... Dr Reddy came down and has tested its breakout zone
Trade active
⋅
We entered when Dr reddy gave a dip at 2140.
Cmp 2245.
Now as a hedge strategy we buy dr reddy 2200 put option at 40.
Now we continue to hold our position for upside target of 2400+ in peace without any worry at all.... :-)
As the strategy will ensure profitability below 2160 through put option thereby locking a minimum profit of 200* 20 ie. rs 4000 even in worst case situation imaginable