DR.REDDYS LAB LTD
Open-5051--High-5091--Low-4996—Close-5018.25
on 23.10.2020.
Support:5002/4996/4906/4831/4758.60/4560/4336.
Resistance: 5070/5150/5215/5280/5318/5322.80/5512.65
(all time high).
(Bold and underlined figures are most
important)
After hitting an all-time high of 5512.65 sometimes back, it was consolidating in the range of 5318---5002 for quite some time but
recently it broke the range on the downside and hit a low of 4831 but bounced back above 5002 level again. The technical chart
is O.K. as of now but showing weak sign on some advance technical parameters
therefore the present range for it is between 5207---5002, since it is below 5207
therefore it seems that it has already gotten into correction mode and sustained
break below 5002 on the closing
basis may drag it down further, going down it will find support at 4906---4864----4831---4758.60---4711----4522---4475
and it may bounce back from any of these points for a pullback rally, which
may please be noted. But to regain the strong up momentum again it has to move
above 5207 and sustain on the
closing basis and then move beyond 5318,
else down move may continue. It is showing weakness in the price movement for
few days now, therefore it is suggested that the traders or investors should be
careful and cautious in the long trade at this point of time.
It is strongly suggested to trail
your stop losses (with the help of support levels mentioned above) in the
profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST
WITHOUT STOP LOSS.
NOTE: - It is the
technical assessment of the stock as of now, the technical interpretation
changes with the price movement and time, therefore investors are advised to
look into fundamental, financial details of the company and last but not the
least management perception for the future of the company before taking
investment decision.
Disclaimer:-The view
expressed here are solely of the author and he is not at all responsible in any
way for the outcome of the trade you enter based on the above view.
Kindly note that make
your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit
and avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here
are of spot market.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
suranank@gmail.com
Mobile—8240951127/9831313654.
