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Last Updated : Jan 25, 2019 11:17 AM IST | Source: Moneycontrol.com

Buy Dr Reddy’s Laboratories, target Rs 2822: Hadrien Mendonca

Momentum oscillators indicate that the stock has the potential to move higher towards its target of Rs 2822 in the near-term.

Moneycontrol Contributor @moneycontrolcom
 
 
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Hadrien Mendonca

IIFL

Dr Reddy’s Laboratories has been trading in a tight trading range for the past five weeks and has finally broken out from a consolidation pattern on the daily chart.

During the consolidation phase, the stock has convincingly managed to sustain above its crucial 50-DEMA support zone. Other momentum oscillators indicate that the stock has the potential to move higher towards its target of Rs 2822 in the near-term.

(The author is a Senior Technical Analyst, IIFL)

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jan 25, 2019 11:17 am
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