JPMorgan maintained an underweight rating on Dr Reddys Laboratories with a target price of Rs 4610. Form 483 observations are likely to result in an overhang, it said.
The pharma stock rose from Rs 5,263 as of November 3, 2023, to Rs 5,776 as of December 5, 2023, which translates into an upside of about 10% in a month.
“Dr Reddy’s Laboratories has been in a corrective phase in the last couple of months, but this entire down move just seems to be a corrective phase within an uptrend,” Ruchit Jain, Lead Research, 5paisa.com, said.
Dr. Reddy’s Laboratories’s daily trend is sideways to bullish. The RSI for weekly and daily are showing sideways momentum, however, the RSI for monthly is showing bullish momentum. Based on option chain analysis, the range is between 5300 and 5600. Let’s plan a trade around this.
Data analysed by ETMarkets showed that as many as 154 companies that are part of the BSE500, have seen operating profit growing at a faster pace than revenue in the last quarter.