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Published on 16/07/2019 4:00:24 PM | Source: Choice Broking Pvt Ltd

Option Strategy Dr. Reddy's Laboratories Ltd by Choice Broking

Posted in Broking Firm Views - Short Term Report| #Dr. Reddy's Laboratories Ltd #Pharma Sector #Trading Report #Choice Broking

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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.

Recommendation

Buy Dr. Reddy's Laboratories Limited @Options Ran Neeti Stoploss 30 Target 81 CMP 47.00

 

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