Nifty Pharma Index made a panic bottom (10353.9) last week followed by quick recovery but still year to date NIFTY PHARMA is down -8.7% year to date. Later Buyers started responding aggressively post the panic bottom. Pharma Heavy weights like Sunpharma, DR Reddy, Lupin lost -3.7%, -2.2% and -3.9% last week. However on the EOD sentiment NIFTY Pharma is holding positive for the last three consecutive days.
Dr Reddy Stock is currently facing resistance near Rs 1680. A Close above 1680 could have a potential to reach Rs 1850-1860 and Rs 1950 as the second target.
SL Rs 1600 for postional traders.