DRREddy buy for day tradeDRREddy for buy on 6th Sep if 1st 5 min candle green you will get good intraday trade.
DRREDDY trade ideas
DR REDDYS LABDr reddys lab.
The stock has completed running flat pattern in wave 4 at the weekly lower bollinger band, also weekly oscillator stochastic has completed its pullback cycle at oversold zones and now it has done positive crossover. the wave structure is suggesting the start of the larger degree wave 5, as wave 5 unfolds, the price can attempt to go higher towards 6800, 7000 & more, also there is a possibility of price rising higher more than 7500 if the up move extends towards the upper end of the rising channel. one can invest or go long at current level or in dips (if any) with stoploss of 4400, the weekly swing low of 4446 will now be a major support level to watch out for in the forthcoming weeks.
Weekly Cycle wave structure
Key Levels are Mentioned on chart
Completed running flat pattern in wave 4.
Weekly stochastic has done positive crossover at oversold zones and now its uptick
Price tooked support from long term horizontal trendline
Morning star at weekly lower bollinger band
Macd in daily positive crossover and Uptick
Rsi in daily Uptick and near 60
Daily Bollinger
Dmi adx also positive crossover
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing
Buy Dr Reddey Target 🎯 5000Buy Dr Reddey Target 🎯 5000 it is recently trading at its support and thatwhy I have given target major Resistance.
DRREDDY - The down trend has stopped.Found support at the last visible POC, Followed by double convergence.
Also, good buy volumes can be found in lower tf.
It is safe to assume that the downtrend has stopped.
AN uptrend should be starting here
Drreddy - Elliott wave analysis - B of Y wave correctionIt should now bounce in B wave before next move down as C of Y wave. The drop from 5615 was impulse A wave and it should bounce in B.
Drreddy - Elliott wave analysis - ABC zigzag in Y wavewill go for one more low as 5th wave and then expecting bounce of B wave in ABC zigzag down
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Dr reddy buy ideaas we can see price is available at the line where it has taken support multiple times, technically macd crossover has happened in daily time frame , rsi below 30 , stochastic showing oversold , both trendlines giving confirmation of a support , so a long position can be initiated here.
Drreddy - Elliott wave analysis - ABC zigzag in Y waveThe drop is in 5th subwave of A and will go down before it bounce in B wave. The overall structure is complex sideways correction and form ABC zigzag in Y wave as shown in chart.
Inverse head and shoulder formationInverse head and shoulder formation as marked on chart. No FNO. Only investment or swing.
Opportunity to go Long in DR REDDYS LABDR REDDYS LAB had formed an ascending triangle pattern in 1hr timeframe but it is taking resistance from the Monthly CPR. So consider going Long in this scrip when the candle closes above Rs.4835 in 1hr timeframe. I expect this scrip to reach Rs.5000 in next few days.
So as usual, do analyse on your own and go long and may have your Stop Loss based on your risk appetite but dont keep it more than 2%
Rising Channel formation!Rising Channel formation in 1H TF. After big fall this continuation pattern formed! More chances are Stock may fall further. Also It reverse from bottom! Keep eye on it...
drreddy is ready for a breakoutit is struggling at 4803, a daily close above it might give a pull back of 100 points. sell can also be initiated close below black line.
Dr Reddy compliting consolidationDr Reddy fell after the quarterly results and delay on the Sputnik distribution. It purely fell because of the news. But this stock is fundamentally strong and recommended bullish on long term.
Here after the fall, it took the support and consolidated for a week. now, it is all set to go to its regular zone which is 5000+.
It can give good returns for August series from current level.
BuyIt stands well in the trend line Trend seems week below 4,350. Investors may buy some more shares arounf 4,550 levlels Short term targets 4,800++
Drreddy LONGEntry Stop Target on the chart
Dr. Reddy's Laboratories Ltd is a leading India-based pharamceutical company which offers a portfolio of products and services, including Active Pharmaceutical Ingredients (APIs), Custom Pharmaceutical services (CPS), generics, biosimilars and differentiated formulations.
DRREDDY The cup with handle pattern performed in this stock and also support and resistance line has been drawned .
Price ActionTrend lines can be used to trade, if it closes beyond those trend lines trade can be taken respectively
buy above 5300triangle formation.
immediate target 5400
triple tops formation. might breakout this time
sl below given level
