Trade Idea of The Day - Dr. Reddy's Laboratories Ltd Target Rs.45 - Religare Broking Ltd
Dr. Reddy's Laboratories Ltd
BUY 27 OCT 1200 CALL SELL 27 OCT 1250 CALL Entry Range 15 – 18 Target 28 Stop Loss 10
Rationale
• On the daily timeframe, DRREDDY has shown a strong recovery from the immediate support zone of 1,200, forming a higher-low structure and indicating improving buying interest.
• The stock has reclaimed both the 20-DEMA and 50-DEMA in the last trading sessions, suggesting a positive near-term trend. Sustaining above 1,200 may strengthen the bullish reversal momentum for the coming sessions.
• The 14-day RSI is hovering above the 50 mark, and the MACD histogram also trades in positive territory with a bullish crossover, supporting the possibility of continued upside momentum.
• The immediate hurdle is placed around 1,250-1,260, followed by 1,280. Holding above 1,190-1,200 would keep the buy-ondips strategy intact, with potential for further gains.
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