Zone watchDr Reddy is likely to enter resistance zone 4275-4380 where last time distribution had happened. Indicators are pointing fatigue in the upmoment. Consolidation has happened and breakout will sound like an up momentum. Volume is average in upmove. I will observed what happened in the zone . So wait and watch.
DRREDDY
Dr reddy can take a further upmove uptill 3750Monthly, weekly and daily charts present a clear bullish trend while forming the Inverse Head and shoulder pattern. Lately the stock showed a good upmove with a long candle breaching the monthly resistance and reaching 4300 level.
Entry can be made for a Long position at current price: 4300-4320, with target of 4750, and SL of 3900.
LONG POS. ON DRREDDY (NSE)!!!This analysis is only for educational purposes, Invest at your own risk!
The New 52 week high created by DRREDDY at the price 4,132.20 INR will serve as the resistance.
A Doji candle was seen on the 19th of May(yesterday) which on the next day (20th May)rose the price with an abnormal Volume.
The Market closed with a big green candle for DRREDDY, This opens a great long opportunity for traders buying in at price 3910-3915 INR.
The target should be kept just bellow the Resistance at 4,132.20INR i.e. around 4010-4050INR.
Any kind of criticism is highly appreciated !
CHEERS!