Oct 25 2023, 09:11
Stock Radar: support for Dr Reddy's Laboratories; likely to high:
Dr Reddy's Laboratories has been in a corrective phase in the last couple of months, but this entire down move just seems to be a corrective phase within an uptrend," Ruchit Jain, Lead Research, 5paisa.com, said.
Dr Reddy's Laboratories, part of the pharma industry, has found support above the 89-Days Exponential Moving Average after hitting a record high in August 2023, and chances are that the momentum can take the stock towards Rs 5,800-6,000 levels.
The pharma stock bounced back after hitting the support on traders can accumulate stock above Rs 5,600 levels, suggest experts.
October 13 to reclaim the September support line of Rs 5,550.
The stock closed at Rs 5,571 on
October 20, 2023.
Short-term traders can look to buy the stock in the range of Rs 5640-5,600 for potential targets around Rs 5,850 and Rs 6000. The stop loss on long positions should be placed below Rs 5,400," recommended Jain.
source:et
Oct 26 2023, 09:03