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Shares of Dr. Reddy's Laboratories gained as much as 3.11 per cent to Rs 2,878, its highest since March 7, 2017.
The generic drugmaker on Friday reported a 65.3 per cent surge in its third-quarter profit to Rs 500 crore, higher than analysts' average estimate of Rs 394 crore, according to Refinitiv data.
The stock cuts above a resistance at Rs 2,841.86, the 38.2 per cent Fibonacci retracement level of the downtrend from October 20, 2015 to May 21, 2018 low.
A close above this 38.2 per cent level may lead to further gains towards the next resistance at Rs 3,136.81, the 50 per cent retracement level.
The trend intensity (TI) indicator at 17 suggests the stock is in early stages of a new uptrend, MACD is positive and above its signal line.
The stock is up 6.68 per cent this year as of last close, compared with the broader NSE index's 0.29 per cent gain in the same period.
The stock closed Monday's session at Rs 2,742.20, down Rs 44.70 (-1.60%) on the BSE.
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