Dr. Reddy’s Laboratories BUY

 

Dr. Reddy’s Laboratories BUY 1145- 1155 TARGET 1164 SL 1126 

Based on the provided chart of Dr. Reddy’s Laboratories (NSE) on a 1-minute timeframe (dated April 15, 2025), here’s a full technical breakdown including support/resistance, trade setup, target, stop-loss, and technical view:

📊 Technical View: The overall trend for today was bullish in the second half of the session after some initial volatility and consolidation.

The price made a series of Higher Highs (HH) and Higher Lows (HL) from around 12:00 PM onward, indicating a clear uptrend.

There was a volume spike near the end, supporting the bullish price action.

RSI at the bottom also showed overbought signals, with multiple "Bear" labels, suggesting minor pullbacks could happen.

🔍 Support & Resistance: Support Levels: ₹1,144 - ₹1,145 zone – Multiple lows and price rejections here.

₹1,137 - ₹1,138 – Price bounced strongly from here in mid-session.

₹1,126 - ₹1,128 – Previous swing low and consolidation base.

Resistance Levels: ₹1,156.60 (Day High) – Strong resistance and today's peak.

₹1,160 – Psychological and potential intraday breakout level.

₹1,164 – Next visible resistance from prior price action.

🎯 Trade Setup (Intraday Long Setup): Entry: Ideal long entry was around ₹1,145 to ₹1,148 when price started forming Higher Lows and broke the LH structure.

Confirmation came after the breakout of ₹1,150, with follow-up buying volume.

Target: T1: ₹1,155 – Achieved (near session close).

T2: ₹1,160 – Short-term resistance, achievable if breakout sustains.

T3: ₹1,164 – Stretch target for swing/intraday extension.

Stop-Loss: SL: ₹1,144 – Just below recent Higher Low and minor consolidation zone.

More conservative SL: ₹1,140, below the structure and volume base.

⚠️ Indicators Insight: RSI: RSI is in overbought territory (above 70) near market close.

Bearish divergences might emerge short-term. Watch for confirmation via price action.

Volume: Volume picked up during the last rally, indicating buyer interest.

Sustained volume is needed to break above ₹1,156.60 resistance.

✅ Summary of Trade Plan:

Component Level/Action Buy Entry ₹1,145 – ₹1,150 (Confirmed) Target 1 ₹1,155 (Hit) Target 2 ₹1,160 (Next Resistance) Target 3 ₹1,164 (Stretch Target) Stop Loss ₹1,144 (Tight) / ₹1,140 (Safe) Trend Bias Bullish Risk Level Medium (due to overbought RSI)