Dr.Reddy’s Laboratories Ltd (NSE:DRREDDY) is one of the heavily beaten down stocks in the turmoil. In just three months time, the stock went down from 52 weeks high of 4386 levels to 52 weeks low of 2750. Over the last three month the stock was continuously making lower low, but the last week was different for Dr. Reddy.
In the last week the stock has recovered substantially to close above 3100 level. With-in 5 trading session the stock has over 350 points. The stock has clear trend reversal in the Heikin Ashi chart. It is highly likely that the will keep-up the momentum if it stays above 3100 levels. Sustaining above the recent high of 3121 will take the stocks even higher. Buy position can be initiated above 3121.
The stock has interesting statistics in the Futures & Options. Over the last 5 trading session the stock has continuously added stocks in the open interest.
|Date||Close||Change||Change %||Open Interest||Change in Open Interest||Change in Open Interest %||Trend|
|Jan 29, 2016||3,105.40||94.20||3.13||19,27,950||1,93,350||11.15||Long Build Up|
|Jan 28, 2016||3,011.20||38.20||1.28||17,34,600||662100||61.73||Long Build Up|
|Jan 27, 2016||2,973.00||69.75||2.40||10,72,500||507600||89.86||Long Build Up|
|Jan 25, 2016||2,903.25||20.90||0.73||5,64,900||345000||156.89||Long Build Up|
|Jan 22, 2016||2,882.35||125.25||4.54||2,19,900||49500||29.05||Long Build Up|