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Published on 13/02/2020 11:25:41 AM | Source: ICICI Direct

Buy Dr. Reddy's Laboratories Ltd For Target Rs.3420 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Dr. Reddy's Laboratories Ltd #Pharma Sector #Trading Report #ICICI Direct

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Weekly future recommendation:

Certain pharma stocks have witnessed continuous buying at every decline while stocks with better results exhibited significant resilience and outperformed the market. Dr Reddy’s has seen short closure of more than 20% OI post quarterly results announcement. The current OI in the stock is the lowest since July 2017 indicating low leverage that should help in case further volatility arises in the market. Considering the recent outperformance, we expect fresh long build-up to be added, which may take the stock higher.

Recommendation

Buy Dr. Reddy's Laboratories Ltd @3160 - 3180 SL 3040 Target 3420

 

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