abhi0304

DR Reddy: Double bottom at support level

Long
NSE:DRREDDY   DR REDDYS LABS
Dr . Reddy has created a double bottom pattern. The risk to reward ratio is highly favorable here.

Volumes are increasing slowly with the price which is a positive sign.

All levels are mentioned on the chart. For educational purposes only.
Trade active: After giving a double bottom breakout the stock has retraced back to 4500 levels today with lower selling volume. I have added few quantities today For target of 5400 Levels.
Trade closed: stop reached: STOP loss hit on this. Please close your positions on this stock.

Comments

pls reply
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abhi0304 anukoneti
@anukoneti, I myself holding this since 4500 levels and I will be following strict stop loss rule. As soon as it closed below that level I will take the loss else I will hold till my targets.
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anukoneti abhi0304
@abhi0304, ok thank u
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abhi0304 anukoneti
@anukoneti, SL hit on this already.
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anukoneti abhi0304
@abhi0304, Yes I exited at 4450 , yesterday
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anukoneti abhi0304
@abhi0304, thank you for your concern
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I am holding drreddy , bought at around 4400 ... can i still hold this stock to go up
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And it's forming double top on weekly chart. So which should be considered?
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abhi0304 rustamsalam
@rustamsalam, The double top pattern's neck line is already broken and after that it has retested its support around 4300. Now from that point it is trying to build a base and should continue its upward journey.
Currently the pharma index is making LH and LL which is why it is a bit risky in accordance with sector but along with this, it can be a good rewarding trade if works possitive.
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