Maha Shivratri Pick 2026 - Dr Reddy`s Laboratories Ltd by Choice Broking Ltd
Dr. Reddy's Laboratories
Buy Dr. Reddy @ 1270 & Upto 1245 for the Target of 1375/1465
DRREDDY is exhibiting a strong bullish reversal on the weekly chart, rebounding sharply after taking support near the lower band of the channel, which is close to the 200-day EMA, and showing a strong rise from lower levels indicating solid buying interest and demand-based recovery.
A bullish engulfing candlestick formation near the key support zone further strengthens the possibility of a trend reversal. The stock has also broken out of the falling trendline channel, signaling a clear shift in sentiment and a bullish structural reversal, with potential upside targets around 1375 and 1465 in the medium term.
Currently trading near 1270, the price action is supported by steady volumes, reflecting healthy participation and gradual accumulation. Technically, the stock remains strong as it trades comfortably above its key EMAs, all trending upward and reinforcing the broader bullish momentum. The weekly RSI at 53.73 also supports the positive bias, indicating strengthening momentum without entering the overbought zone
Given the favorable chart structure and supportive technical indicators, long positions can be considered near 1270, while dips towards 1245 may act as accumulation opportunities. Positional support is placed at 1165; a breach below this level could pose downside risk, but as long as the stock sustains above this zone, the broader bias remains positive with a favorable risk–reward setup for a potential breakout-driven rally.
For Detailed Report With Disclaimer Visit. https://choicebroking.in/disclaimer
SEBI Registration no.: INZ 000160131
.jpg)
