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* On an option front, we are seeing Long Built-up in “Out The Money” CE strike price while Short Built Up in “Out of The Money” PE strike price which Indicates positive strength in the counter.
* Even on an hourly chart, the stock has given a breakout of its upper band of “Symmetrical Triangle” formation which indicates an upside movement in the counter.
* Moreover, the stock has been trading with a positive crossover of 21*50 Days Moving Average which shows a Bullish movement in the counter.
* A daily momentum indicator RSI’s reading is at 56.52 level with positive crossover which points out for a positive breath in the counter
* Based on the above technical structure, we expect a bullish move in DRREDDY 2650 CE.
Buy Dr. Reddy's Laboratories Limited @Options Ran Neeti Stoploss 30 Target 81 CMP 47.00
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