Technical Outlook & Trading Strategy:-
The price of Dr. Reddy has registered a breakdown to a descending triangle price pattern on weekly charts.
It should be noted that descending triangle breakdown signifies distribution and suggest price decline.
The price of Dr. Reddy can decline towards the Rs 1340/ Rs 1300 levels in the near term. The key momentum indicators are also in sell mode.
We recommend traders to sell 50% now and again in the range of Rs 1428 – Rs 1434 levels with a stop loss placed above Rs 1455.6 levels for targets of Rs 1368 – Rs 1325 levels, expected to be achieved in coming few sessions.
