The stock has made a higher bottom formation pattern in the daily chart taking support near 122 levels which is where the 50DMA moving average lies and has indicated a bullish candle to imply strength and the potential to rise further in the coming days. The chart looks promising, so, we suggest to buy and accumulate this stock for an upside target of Rs 140 keeping the stop loss near 121 levels.
BUY DR. REDDY'S | CMP: Rs 3,059.60 | TARGET: Rs 3,350 | STOP LOSS: Rs 2,900
The stock has steadily and gradually been on the rise with positive indicators supporting the momentum and currently has given a breakout above the previous peak level of 3,000, indicating a positive bias for further more upside targets. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 3,350 while keeping the stop loss of Rs 2,900.
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