Trade rationale

Other – Study mentioned in Notes Below

The Elliot Wave Study: Attached chart of the script showing that, prices have came down to 4150 levels from 5400 levels in the form of triangular pattern, breakout from which has taken place at 4160 levels, which can be seen on a smaller time frame chart(attached). All the five waves in a triangle has been seen completed and a breakout thrust at 4150 levels suggests a short term buy call for the Script. On I day time frame chart, MACD(12,26,9) stood at -105.6, ADX (14,14) at 31.9 and RSI (14) at 40 also suggest a short term buy call for DR Reddy's at 4200-4260 levels for the immediate price target at 4490 levels, with a stop loss at 4150 levels.