Dr. Reddy's Laboratories stock of the view buy deep on

 

SECOND  TARGET DONE IT MAKE HIGH  1175 21/4/2025 INTRADAY TARGET DONE IT ALL 

FIRST TARGET DONE IT MAKE HIGH  1166 21/4/2025 

Dr. Reddy's Laboratories  BUY  1153-1157 TGT 1166/1175 SL 1120  INTRADAY 

Based on the chart you've shared (1-hour timeframe of Dr. Reddy's Laboratories on NSE), here's a detailed technical analysis, including trend setup, support-resistance levels, stop loss, target levels, and outlook for short-term, medium-term, and long-term:

🔍 Technical View (Chart Analysis) Trendline Resistance: There's a clear descending trendline from early January 2025 acting as dynamic resistance. Price recently touched and rejected from that trendline around 1165–1170.

Horizontal Resistance Levels:

1229 and 1252: Major horizontal resistances, tested multiple times in the past.

1276: Next major resistance zone.

Horizontal Support Levels:

1021: Strong support base (bottom bounce).

Around 1100–1110: Near-term support seen during recent consolidation.

Volume: Spike in volume near the bounce area suggests potential accumulation or reversal interest.

📈 Trend Setup & Strategy 🔹 Short-Term View (1–2 weeks) Bias: Neutral to Slightly Bullish (only on breakout confirmation)

Key Trigger: A confirmed breakout above the descending trendline (above 1170 with good volume) can initiate a bullish move.

Entry: Buy on breakout above 1175 (hourly close above this with volume confirmation)

Target:

First: 1229

Second: 1252

Stop Loss: Below 1120 (to stay safe from false breakout whipsaws)

🔸 Medium-Term View (2–4 weeks) Bias: Cautiously Bullish

Condition: Sustaining above 1229 could trigger a rally toward 1276 and 1335

Target:

First: 1276

Second: 1335

SL: Below 1190 (trailing SL once price crosses 1229)

🔻 Long-Term View (1–3 months) Bias: Watch for trend reversal confirmation

Bullish Reversal Signal: Only confirmed if price breaks and sustains above 1335 and starts forming higher highs and higher lows on daily/weekly chart.

Target:

First: 1335

Long-term: 1404

SL: Can use 1220 as SL for positional trades (post breakout)

📉 Alternate Bearish Scenario If the price fails to break above the trendline (around 1170), and breaks below 1100 again:

Downside Target:

First: 1021

Further: 990–980 zone (based on price action, not shown in current chart)

🧠 Summary

View Trend Entry Targets Stop Loss Short-Term Bullish above 1175 Above 1175 1229, 1252 1120 Medium-Term Bullish on breakout Above 1229 1276, 1335 1190 Long-Term Bullish above 1335 Positional Buy 1335, 1404 1220