NSE Share Tips for July 30, 2010 (30-07-2010): Buy Dr. Reddy’s Laboratories
July 30, 2010 by admin
Filed under Analyst's Corner, General
NSE Stock Market Tips for July 30, 2010 (30-07-2010): Buy Dr. Reddy’s Laboratories
On the Daily Charts, DRREDDY is reversing from its lows by taking the strong support of 1300. Yesterday also the stock moved up overwhelmingly with a good spurt in volume. Stock’s 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) are quoting at 1414.95 and 1404.82, respectively. Now the stock may touch its 20-Days EMA very soon.
The stock has made a Long White Candlestick for the day. 14-Days RSI (Relative Strength Index) has strengthened on the Intraday Charts and is quoting at 43.18 on the Daily Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (16.55) is still below the Negative Directional Index (31.13), ADX (Average Directional Index) has gained strength on the Intraday Charts and is also quoting at 27.27 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy DRREDDY only if it trades above 1386 for the Target of 1425, with the Strict Stop Loss of 1350.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
