Dr. Reddy’s – At a Make-or-Break Point on the Trendline
Dr. Reddy’s is pressing right against the lower boundary of its falling channel — a trendline that has acted as support multiple times in the recent downtrend.
Right now, the stock is hovering near ₹1,199, trying to find its footing. This level is critical:
If the trendline holds → We could see a technical bounce back toward the mid-channel zone, potentially testing ₹1,240–₹1,260 in the short term.
If it breaks down → A clean close below this trendline, especially with volume, could accelerate the downside, opening the way toward ₹1,170–₹1,150.
Given the sharp selling momentum in the last few sessions, traders should watch closely for either a rejection candle with buying pressure or a break and retest of the channel base for confirmation.
Dr. Reddy’s is pressing right against the lower boundary of its falling channel — a trendline that has acted as support multiple times in the recent downtrend.
Right now, the stock is hovering near ₹1,199, trying to find its footing. This level is critical:
If the trendline holds → We could see a technical bounce back toward the mid-channel zone, potentially testing ₹1,240–₹1,260 in the short term.
If it breaks down → A clean close below this trendline, especially with volume, could accelerate the downside, opening the way toward ₹1,170–₹1,150.
Given the sharp selling momentum in the last few sessions, traders should watch closely for either a rejection candle with buying pressure or a break and retest of the channel base for confirmation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.