NSE:DRREDDY seems could not be able to pierce through the major resistance line around 4625 (the recent swing high).
Note the volume. It's pretty significant and coincides with the Q2 result. So, things are interesting here.
Chartically, the following traits are seen:
A Head & Shoulder formation is seen with the neckline around 4200.
There is a downtrend...
If it Breaks the support line, a sell up momentum can be seen..
Sell below 457
Target 1 - 452
Target 2 - 443
Target 3 - 432
*Use Tight SL according to your risk
Disclaimer : Only for educational purpose. Please consult your financial advisor before putting money into the market!!!
Eventhough @Biocon shows good move, It can be pulldown if it didn't get buyers(demand). I mean there are 80% chances for fail breakout. To confirm it, short if the price closes below red line and if it shows less volume(less interest).
The Stock has formed a good Rectangle Pattern with alternate touches and good height. This simple pattern has broken the channel could not sustain and trading below the upper Channel. One can short the stock with reasonable SL for the target of 1165 which offers good Risk to Reward Trade. How to handle it please refer my earlier post
Disclaimer : All ideas are...
