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Last Updated : Sep 07, 2018 01:48 PM IST | Source: Moneycontrol.com

Buy Dr Reddy's Laboratories with 7% return: Aditya Agarwal

We advocate traders to buy Dr. Reddy in a range of Rs 2,580 to Rs 2,530 with an upside price target of Rs 2,760. A stop loss should be placed at Rs 2,460.

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Aditya Agarwal

Way2Wealth Brokers

On the weekly chart, Dr Reddy’s has formed a ‘Descending Triangle’ pattern and off late stock breached the upper band of the triangle pattern. The break out of the said pattern was supported by the weekly RSI (14) which entered well inside the 60 levels.

The weekly 9-45 EMA on price has signaled positive crossover which supports our hypothesis. Hence, we advocate traders to buy Dr. Reddy in a range of Rs 2,580 to Rs 2,530 with an upside price target of Rs 2,760. A stop loss should be placed at Rs 2,460.

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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.

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First Published on Sep 7, 2018 01:48 pm
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