Dr Reddys Laboratories has resistance at Rs 1740: Kulkarni

Dr Reddys Laboratories has resistance at Rs 1740. As the stock stays below Rs 1740 it will clearly underperform the market, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, "Dr Reddys Laboratories is at a very strong resistance level. If we see the move from Rs 1810 to around Rs 1620 that particular move is been retraced and the stock has resistance at Rs 1740. So long as the stock stays below Rs 1740 I think Dr. Reddy's will clearly underperform the market." He further added, "The stock is expected to move lower so I would use this move towards to Rs 1700-1720 levels to exit long positions if I had any. Going forward stock may move lower to around Rs 1650 levels."