NSE:DRREDDY shows negative divergence in Daily charts at the Monthly Resistance zones. Today, TL has been broken.
Used 75 min to enter short on this one, once the TL was broken along with break of support levels. EMA crossover had already occurred earlier. An options call spread is suitable in such circumstances to eat...
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Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.
The stock had entered into the zone from which it had rebounded in the past.
If you search the news on 15th Feb 2019...the entire world was pessimistic about the Dr Reddys's.
The FDA was raising issue on the one of the most important manufacturing plants...
Dr Reddy Lab Limited is in downtrend in both long and short term; Good Choice to short it. I marked the Price movement in the chart.
Target 1: 2214
Target 1 Date: 24th Sep, 2019
Target 2 : 2465
Target 2 Date : 26th Nov, 2019
Target 3 : 1820
Target 3 Date : 13th Apr, 2020