Dr. Reddy's Laboratories Limited (DRREDDY) Stock - Complete Technical Analysis - Nov 27, 2024

Dr. Reddy's Stock Analysis Key Support & Resistance Levels November 2024

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. Dr. Reddy's Laboratories (DRREDDY) stock is currently trading around 1,199.90, reflecting a 15.59% decrease from its 52-week high. The stock has seen recent volatility, with price fluctuations between 1,198 and 1,215. The stock has established a range, and the recent trading behavior shows a slight dip followed by a recovery.

Looking at technical indicators, the ADX suggests that there is a strong trend, but the RSI is oversold, indicating the possibility of a price reversal. The Stochastic RSI is currently showing downward pressure but a potential for a bounce back.

In terms of price action, support is expected around 1,198-1,200. Should the stock break below this level, the next support is around 1,170-1,180. For resistance, levels to watch are 1,220-1,230. Any breakout above these levels could see the stock rising further, but a pullback near resistance is also possible. Traders should stay alert to these levels for potential opportunities.

In conclusion, Dr. Reddy's Laboratories is in a range-bound market with potential for short-term reversals. With volatility in the market, traders should keep an eye on the stocks behavior at key technical levels for better risk management.