Dr.Reddy's Laboratories Ltd.
CMP-2915
Recommendation-Sell
You can clearly see the 300 level as the support and 3300 level acting as resistance level since November 2015 crash in the stock price.
The pharma sector is passing through a turbulance like the IT sector and the PE multiples are also not expensive. But for the short term as a technical research follower traders sell what is weak and buy what is strong we we are short on both sectors unless the entire sector outlook is changed from one of doom to optimism which does is not in sight anytime soon.
A price of 2500 looks imminent on Dr. Reddys.
Its in derivatives, so you can sell Call Option or Buy put option or sell futures counter.
Any one want to put small SL can put it above 3200.
A worsening investor sentiment and sell off in the entire sector can take the stock to 1800 where it will find support.
PS : Beware of the recent spurts in individual pharma stocks.
Attached : Monthly chart spot market. Daily chart Futures market.
Subscribe to www.meghainvestments.com for proper buy/sell, Stoploss, Target Levels and timely updates regarding actual trading in the recommended stocks.
CMP-2915
Recommendation-Sell
You can clearly see the 300 level as the support and 3300 level acting as resistance level since November 2015 crash in the stock price.
The pharma sector is passing through a turbulance like the IT sector and the PE multiples are also not expensive. But for the short term as a technical research follower traders sell what is weak and buy what is strong we we are short on both sectors unless the entire sector outlook is changed from one of doom to optimism which does is not in sight anytime soon.
A price of 2500 looks imminent on Dr. Reddys.
Its in derivatives, so you can sell Call Option or Buy put option or sell futures counter.
Any one want to put small SL can put it above 3200.
PS : Beware of the recent spurts in individual pharma stocks.
Attached : Monthly chart spot market. Daily chart Futures market.
Subscribe to www.meghainvestments.com for proper buy/sell, Stoploss, Target Levels and timely updates regarding actual trading in the recommended stocks.
