Buy Dr Reddys Lab; target of Rs 4770: ICICIdirect

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26 Aug, 2025 12:21

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ICICIdirect.com's report on Dr Reddys LaboratoriesStocks on the moveThe “Stocks on the Move” report identifies multiple actionable stock ideas with interesting chart patterns using various technical tools and parameters. The stock covered in this edition is Dr Reddy’s Laboratories.Dr Reddy’s LaboratoriesThe share price of Dr Reddy’s Laboratories has registered a breakout above the bullish continuation Flag pattern, thus indicating a resumption of an ongoing uptrend after a brief pause. This offers a fresh entry opportunity to ride the next up move with a favourable risk-reward set-up.The stock is in a secular uptrend forming a rising peak and rising trough on all time frames. The stock formed an all-time high of Rs 4338 in mid-August 2015. The corrective dip off the all-time high got anchored at the key value area near Rs 3850. The formation of bullish Hammer candlestick pattern at the support level during the previous week’s trade validates presence of strong support.We expect the stock to continue with its positive momentum and head towards Rs 4920 being the price parity of the previous up move from Rs 3267 to Rs 4338 (4338-3268=1070 points) as projected from the recent trough of Rs 3850 (Rs 3850+1070=Rs 4920).Strategy: Buy Dr Reddy’s Laboratories in the range of Rs 4140-4190 for a target of Rs 4770 with a stop loss below Rs 3870 on a closing basis.

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