Traders can sell the stock in the range of Rs 2,665-2,680 for the target of Rs 2,520 with a stop loss above Rs 2,746, says Rupak De of Bonanza Portfolio.
On the daily chart, a dark cloud cover is visible in Dr Reddy's Laboratories which will remain valid as long as the price does not move above the recent high of Rs 2,742.60.
Also, a negative divergence is visible on the daily RSI which suggests a possible bearish shift in the price momentum. Traders can sell the stock in the range of Rs 2,665-2,680 for the target of Rs 2,520 with a stop loss above Rs 2,746.
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