October 15, 2018 / 5:40 AM / 8 months ago

BUZZ-India's Dr.Reddy's breaks resistance at 2517, may test 2631 - technicals

Oct 15 (Reuters) - ** Generic drugmaker Dr.Reddy's Laboratories Ltd rises as much as 4.02 pct to 2548.95 rupees, breaks a resistance at 2517 rupees tmsnrt.rs/2IWCgsS

** Co signs a deal to sell its API manufacturing business in Hyderabad

** Resistance at 2517 rupees is identified as the 23.6 pct Fibonacci projection level of the uptrend from May 21 low to Sep. 21 high

** Breakout suggests that in the near-term the stock may rise up to the next resistance at 2631.4 rupees, the 38.2 pct projection level

** Wave pattern suggests the stock is in the final wave of a five-wave uptrend that started in May; this uptrend is expected to be the initial wave of a higher degree uptrend

** Stock crosses above the 20-day simple moving average and also moves above the Parabolic SAR, both positive signs

** Stock up 1.5 pct this year as of its last close while the broader NSE Index is down 0.55 pct in the same period

Reporting by Gaurav Dogra

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