Dr Reddy's Laboratories Ltd Stock Forecast
Dr Reddy's Laboratories Ltd stock upgraded to Buy Candidate.
(Updated on Apr 25, 2024)
The Dr Reddy's Laboratories Ltd stock price gained 4.37% on the last trading day (Thursday, 25th Apr 2024), rising from $70.92 to $74.02. During the last trading day the stock fluctuated 1.45% from a day low at $73.27 to a day high of $74.33. The price has fallen in 6 of the last 10 days but is still up by 1.84% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 77 thousand more shares were traded than the day before. In total, 216 thousand shares were bought and sold for approximately $16.02 million.
The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.18% during the next 3 months and, with a 90% probability hold a price between $69.23 and $74.74 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
RDY Signals & Forecast
The Dr Reddy's Laboratories Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $71.71 and $73.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 4.39%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Dr Reddy's Laboratories Ltd stock
Dr Reddy's Laboratories Ltd finds support from accumulated volume at $73.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.06 between high and low, or 1.45%. For the last week the stock has had daily average volatility of 1.07%.
Our recommended stop-loss: $70.57 (-4.66%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (RDY) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Dr Reddy's Laboratories Ltd to open at $73.87, and during the day (based on 14 day Average True Range), to move between $72.91 and $75.13, which gives a possible trading interval of +/-$1.11 (+/-1.50%) up or down from last closing price. If Dr Reddy's Laboratories Ltd takes out the full calculated possible swing range there will be an estimated 3.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $74.76 (1.00%) than the support at $73.20 (1.11%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Dr Reddy's Laboratories Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.670 Buy Candidate Upgraded
Predicted Opening Price for Dr Reddy's Laboratories Ltd of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $73.87 ( 0.198%) | $74.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 74.93 | 1.23 % | |
| R2 | 74.53 | 0.687 % | ||
| R1 | 74.28 | 0.349 % | ||
| Current price: | 74.02 | |||
| Support | S1 | 73.47 | -0.745 % | |
| S2 | 73.22 | -1.08 % | ||
| S3 | 72.81 | -1.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 76.04 | 2.73 % | |
| R2 | 75.01 | 1.34 % | ||
| R1 | 74.76 | 1.00 % | ||
| Current price | 74.02 | |||
| Support | S1 | 73.20 | -1.11% | |
| S2 | 73.04 | -1.32% | ||
| S3 | 71.95 | -2.80% |
RDY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 11, 2023 | Jul 28, 2023 | Aug 06, 2023 | $0.488 | 0.706% |
| 2 | May 11, 2023 | Jul 07, 2023 | Aug 07, 2023 | $0.488 | 0.706% |
| 3 | May 24, 2022 | Aug 01, 2022 | Aug 12, 2022 | $0.378 | 0.705% |
| 4 | May 24, 2022 | Jul 08, 2022 | Jul 11, 2022 | $0.387 | 0.688% |
| 5 | Jun 16, 2021 | Jul 08, 2021 | Aug 12, 2022 | $0.342 | 0.638% |
FAQ
Click here for our free guide on how to buy Dr Reddy's Laboratories Ltd Stock.
