Wednesday, July 17, 2013


Dr Reddy

Many a times posted charts on Dr Reddy with buy and sell. Stock performed as we expected. Now stock seems to be having overbought condition. Looking at the pharma index, index seems to be over bought and completed its upward rally and ready to see some correction.

In Pharma Pack, Dr Reddy is giving bearish signs with formation of Hanging man and a confirmation day with Huge volumes. There could be a small pull back which we can use as shorting opportunity.

Chart also consists of EW lables where stock completed its upward 5th Impulsive wave and ready to move in downward. One can go short on the stock with SL above closing 2373.

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