My calculations are based on last 6 months moving trend of Dr. Reddy's and the recent news.
It has gone down below the 200 day moving average of 2800. And the news is that FDA has served 13 notices on inspecting it's production units in Srikakulam. Turned out that the notice wasn't that severe. FDA has asked just for an explanation of certain irregularities in the production.
The market reaction went bad as it coincides with the 200 day moving low.
I see a strong support @2600+ levels, if at all it goes there.
I still hold the target of 3200+ by next quarter
Other than that I don't see any major hiccups.
No comments:
Post a Comment