Dr. Reddy's Laboratories Limited (DRREDDY) Stock - Complete Technical Analysis - Sep 24, 2024

Dr. Reddy's Laboratories Technical Analysis: Key Support & Resistance Levels Explained

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

In today's technical analysis, we look at Dr. Reddy's Laboratories Limited, trading at 6,650. The stock is currently positioned 6.43% below its 52-week high of 7,107.45, achieved on August 21, 2024, and 27.75% above its 52-week low of 5,205.55 from October 30, 2023.

Analyzing key indicators, the RSI suggests the stock is nearing the neutral zone, indicating potential consolidation. The Stochastic indicator shows the stock is in a bearish region, which may suggest further price corrections. The MACD is currently negative, indicating a weakening momentum, while the Awesome Oscillator is also reflecting bearish sentiments.

Support levels are noted around 6,600, with significant support following at 6,500 and a critical level at 6,267. On the resistance side, immediate resistance is seen at around 6,800, with the next hurdles at 7,100.

Moving averages indicate a slight downward trend in the short term, with the 10-day EMA below the 20-day EMA, suggesting caution for bullish positions. Overall, traders should closely monitor the price action around these support and resistance levels to identify potential trading opportunities.