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Technical Analysis of DR REDDY Laboratories Ltd

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Technical Analysis of (NSE: DRREDDY) Laboratories Ltd:

NSE | DRREDDY | TECHNICAL ANALYSIS | IAMVIMALSINGH

Dr.Reddy’s Laboratories Ltd:

The technical looks that the major trend is bullish, but in short-term price trending into downside, we have a recent bullish breakout, which starts pulling the price to upside, which short-term support zone will be formed at 2300-2400, we also recognized three drive pattern  also found to completed, and price start reversing by forming double bottom  at support zone of 1934, anticipated for upside momentum. BUY PRICE:2350, STOP LOSS:1850, TAKE PROFIT:4800, TIME SPAN: 1-2YEAR

1MONTH RETURN IS -4.34 %,           1YEAR RETURN IS +6.15%

 

3YEAR RETURN IS -41.35 %,            10YEAR RETURN IS +353%

VALUATION & PE COMPARISON LOOKS OVERWEIGHT, BUT SINCE STOCK ARE PERFORMER OVER THE YEAR SO WE RECOMMENDED FOR LONG TERM ALMOST 2-3YEAR

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