Dr Reddy’s Laboratories stock may offer investors up to 9.25% returns on upside potential to gain in the coming days, Prabhudas Lilladher said in a research note citing technical indicators. “Now that the bullish candle pattern has formed on the daily chart, a positive bias has been maintained, and we anticipate a further rise from here on, with strength and the potential to scale to 6,000 levels,” said the note.
The brokerage report recommended investors to buy the Dr Reddy’s Laboratories shares with a target price of Rs 6,000, 9.25% higher than the current market price of Rs 5,496. The brokerage report however, also said that the call is only valid for 60 days.
The report further said that, “The RSI has indicated a steady rise. We recommend buying this stock for an upside target of Rs 6,000.” However, it advised investors to exercise caution and set a stop loss at Rs 5,300 to manage potential risks.
Dr Reddy’s Laboratories stock performance
Dr Reddy’s Laboratories market cap stands at Rs 90,976.08 crore. The share price of Dr Reddy’s Labs slipped 0.33% in the last 5 days, 2.88% in the last one month, while it has surged 14,64% in the last six months and 28.97% year to date. The stock hit a 52-week high of Rs 5,989.70 August 24, 2023, whereas it touched a 52-week low of Rs 4,175.10 on January 25, 2023.