Good to enter long in DRREDDY as Break-out is seen in the stock above trendline along with good volumes.
One can go long at current levels of around 4560 for a target of 150 pts from here or around 4710 levels with sl around 4420 levels.
Drreddy as mentioned before 2 days that it will took support from 4630 and Next Resistance in 4695 and after crossing this Resistance made high of 4830 within 2 DAYS
NSE:DRREDDY
go only if one can find reversal at PRZ.
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After consolidating and forming a descending triangle, looks like DR reddy has tested the support.
Good chance to go long from here.
NSE:DRREDDY
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There seems to be a hammer at 21 EMA which acts as dynamic support. The 21 EMA has acted as a dynamic support before as well. RSI above 60 indicates which indicates bullish momentum. This is on hourly chart. Moreover, 21 EMA is above 55 EMA which indicates short term up trend.
Price as discussed earlier ( see related ideas link) took pattern support and breaks the pattern. In a 2 days time price almost moved 200 points which is a super bullish movement for the script.
All one has to do is buy a stock at support after drawing a perfect pattern.
Expecting the price to walk through the lines lets see :)
Price definitely going to the top of the triangle to face the rejection. will come back to the trend line to take support and once again faces the resistance at the top and break hopefully.
