Dr Reddys Laboratories has target of Rs 1900: Agarwal

Shubham Agarwal, CMT, AVP - Sr Technical Analyst, Motilal Oswal Securities is of the view that Dr Reddys Laboratories has target of Rs 1900 and a stop loss for the trade can be kept at Rs 1710.

Agarwal told CNBC-TV18, "Overall pharma space has also been doing well on relative terms and we feel that there is still 10-15% on the CNX pharma to go away on the upside, so stocks on that space can do well and can continue to outperform the broader market. So, we feel Dr. Reddy Laboratories has setup very well. The stock had resistance around Rs 1720-1740 band from where it was reverting back but now what we are seen in past two, three days is that the resistance level is been taken out which is calling for a higher high on the stock. So, we are looking that it can make an all time high. We are taking a target of Rs 1900 on the stock and a stop loss for the trade can be kept at Rs 1710.