Trend in Dr Reddy’s Laboratories has been quite strong on all the time frame charts and shown in the chart are the weekly and the daily charts with the Ichimoku indicator.
It can be noted on the charts that there is a clear range breakout on both the charts and the indicators are signalling that the coast seems to be quite clear for the way ahead.
Stock is seen breaking out to all-time new highs and that brings in a domino of its own.
On the lower side, we can see that good support came through at the Kumo clouds in the daily chart and has sent prices higher.
One can look for a rise to Rs 4,300 and beyond in the near future.
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One can buy the stock with a stop at Rs 4,100.
(The author is a technical analyst & contributor with ET NOW)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
