Recently Dr. Reddy’s active pharmaceutical ingredients (API) plant at Miryalaguda in Telangana received a Form-483 from the FDA with 3 observations relating to violation of good manufacturing practices.
Despite the negative sentiment strong is holding positive at this juncture and the sentimental supports are at 2800 levels and currently under-performing the benchmark index Nifty 50. Sooner or later medium term uptrend is expected towards 3200
Despite all the negative sentiment stock is not loosing. Its a potential sign that trend reversal in place. Immediate Resistance zone comes around 3200 levels.