DRREDDY MAY NEED A DOCTOR FOR ITSELF!
1. After a decline from 5600 odd levels to 3700 odd levels, stock is in short term uptrend.
2. As we can see, a Bearish Flag is in making. Currently it's consolidating and a decisive Break Down (most probably) may happen anytime soon.
3. Rejection is also evident from the RSI, suggesting a strong decline in coming weeks.
4. For short term, stock is entering supply zone of 4450-4600. If manages to cross it, may see a rise till 4800 levels to meet the TL, and face resistance.
5. At the same time, it's also possible that may not give the Break Down and the pattern fails. For that to happen, we need a weekly closing above 4800. It'd break the Higher High - Higher Low Structure, and may see a new ATH in coming days.
6. However, if the pattern is respected and we see a decline around 4750-4800 levels, 4250-4400 would act as decisive support breaking of which we may see a decline to 3600-3200 levels.
7. Verdict: Sell on Rise as long as below 4800 WCB.
8. Should you invest?: Why not! These are just short term things which shouldn't matter to investors as well. Invest using Monthly SIP Mode.
2. As we can see, a Bearish Flag is in making. Currently it's consolidating and a decisive Break Down (most probably) may happen anytime soon.
3. Rejection is also evident from the RSI, suggesting a strong decline in coming weeks.
4. For short term, stock is entering supply zone of 4450-4600. If manages to cross it, may see a rise till 4800 levels to meet the TL, and face resistance.
5. At the same time, it's also possible that may not give the Break Down and the pattern fails. For that to happen, we need a weekly closing above 4800. It'd break the Higher High - Higher Low Structure, and may see a new ATH in coming days.
6. However, if the pattern is respected and we see a decline around 4750-4800 levels, 4250-4400 would act as decisive support breaking of which we may see a decline to 3600-3200 levels.
7. Verdict: Sell on Rise as long as below 4800 WCB.
8. Should you invest?: Why not! These are just short term things which shouldn't matter to investors as well. Invest using Monthly SIP Mode.
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