Dr.Reddy's to move into the INR6000-6200 zone in Wave V of 3
Updated
This Pharma giant has outperformed Nifty 50 in the entire 2023. Starting from Jan.2023 the stock has been making clean and strong impulse moves and easily beating the index returns for the entire year.
The stock completed wave I of 3 between Jan-May 2023 and completed the wave III of 3 subsequently between May-Aug 2023.
Between Aug-Oct 2023 the stock was in a complex wave IV correction and came out of the same with wave i of V of 3 in month of Nov.
The stock now has a minimum of three legs pending to the upside in order to complete the wave V of 3. The remaining legs should be considered as minor sub-divisions of the Wave V itself.
The stock is projected going into the INR 6000-6200 zone from current levels in the coming moves.
On the downside the low of INR 5471 remains a crucial support.
At current levels the stock offers an attractive RR of more than 1:3.
Note*- Views are based on personal observations and opinions. Do your own research before making any trading/investing decisions.
The stock completed wave I of 3 between Jan-May 2023 and completed the wave III of 3 subsequently between May-Aug 2023.
Between Aug-Oct 2023 the stock was in a complex wave IV correction and came out of the same with wave i of V of 3 in month of Nov.
The stock now has a minimum of three legs pending to the upside in order to complete the wave V of 3. The remaining legs should be considered as minor sub-divisions of the Wave V itself.
The stock is projected going into the INR 6000-6200 zone from current levels in the coming moves.
On the downside the low of INR 5471 remains a crucial support.
At current levels the stock offers an attractive RR of more than 1:3.
Note*- Views are based on personal observations and opinions. Do your own research before making any trading/investing decisions.
Note
gave a break-out with good volume on 28 dec .
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