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
Everything's mentioned on chart.
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On assuming the chart of Dr Reddy, it shows the Head & Shoulder Breakdown, one may go short with a SL of 2575 for a target of 2060 as per my projection.
NSE:DRREDDY opened on a weak note today and even breached its neckline support of 2,500 before closing above it. A sustained move below this level could open the doors for a drop of about 14%.
In the middle of channel
Possibility 1
Dark cloud cover @ Uptrend
Targets - 2624, 2607, 2595, 2584 + +
SL - 2699.35
Possibility 2
Reach the channel top and falling
For that first it should reach i the range of 2765 - 2790
Targets - 2751, 2723, 2704
SL - 2852
Possibility 3 - Completition of Haronic pattern
Script may go till 2800 - 2850 and reversal...
On the daily chart stock price has formed "ASCENDING TRIANGLE" pattern and has given breakout on closing basis
* This breakout is accompanied with increase in volume which supports bullish sentiments ahead
* The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue...
Look for Price Action Long Signals on drawn levels.
Everything's mentioned on chart.
if you are interested in more....
You can Whatsapp/Call us at +919814433890
Join our Free Discord,Telegram & Youtube Channel :- IndianShareMarket101.com
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Youtube Link =...
Dr. Reddy's Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment includes manufacturing and marketing prescription and over-the-counter finished pharmaceutical products ready for consumption by the patient, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics). PSAI segment includes the Company's business of manufacturing and marketing active pharmaceutical ingredients and intermediates (API) or bulk drugs. Proprietary Products segment focuses on the research, development and manufacture of differentiated formulations and new chemical entities. These products fall within the dermatology and neurology therapeutic areas, and are marketed and sold through its subsidiary, Promius Pharma, LLC.
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DRREDDY
