February 4, 2019 / 5:35 AM / 8 months ago

BUZZ-India's Dr.Reddy's hits near 23-mth high; chart suggests more upside

** Shares of Dr.Reddy’s Laboratories Ltd gain as much as 3.11 pct to 2,878 rupees, highest since March 7, 2017

** The generic drugmaker on Friday, reported a 65.3 percent surge in its third-quarter profit to 5 billion rupees, higher than the analysts’ average estimate of 3.94 billion rupees, according to Refinitiv data

** Stock cuts above a resistance at 2,841.86 rupees, the 38.2 pct Fibonacci retracement level of the downtrend from Oct. 20, 2015 to May. 21, 2018 low (tmsnrt.rs/2t2CDL9)

** A close above this 38.2 pct level may lead to further gains towards the next resistance at 3,136.81 rupees, the 50 pct retracement level

** Trend intensity(TI)indicator at 17 suggests, stock is in early stages of a new uptrend, MACD is positive and above its signal line

** Stock up 6.68 pct this year as of last close, compared with the broader NSE index’s 0.29 pct gain in the same period (Reporting by Gaurav Dogra)

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