Stock Pick For Maha Shivratri 2026: Is This Pharma Stock A Maha Shivratri Multibagger Setup?

Choice Broking's Executive Director and Head of Technical Research, Sumeet Bagadia, recommended buying Dr. Reddy's Laboratories shares on the occasion of Maha Shivratri 2026. This Maha Shivratri 2026, as markets prepare for fresh momentum, one stock is subtly preparing for a strong breakout. Strong technical signs and rising price action support the analyst's opinion that DRREDDY is clearly displaying symptoms of a bullish structural turnaround on the weekly charts.

Here's a closer look at why DRREDDY is emerging as a compelling technical opportunity at current levels.

DRREDDY Target Price

Buy DRREDDY at Rs 1270 & upto Rs 1245 for the target of Rs 1375/1465

DRREDDY is exhibiting a strong bullish reversal on the weekly chart, rebounding sharply after taking support near the lower band of the channel, which is close to the 200-day EMA, and showing a strong rise from lower levels indicating solid buying interest and demand-based recovery.

A bullish engulfing candlestick formation near the key support zone further strengthens the possibility of a trend reversal. The stock has also broken out of the falling trendline channel, signaling a clear shift in sentiment and a bullish structural reversal, with potential upside targets around 1375 and 1465 in the medium term.

Currently trading near 1270, the price action is supported by steady volumes, reflecting healthy participation and gradual accumulation. Technically, the stock remains strong as it trades comfortably above its key EMAs, all trending upward and reinforcing the broader bullish momentum. The weekly RSI at 53.73 also supports the positive bias, indicating strengthening momentum without entering the overbought zone.

Given the favorable chart structure and supportive technical indicators, long positions can be considered near 1270, while dips towards 1245 may act as accumulation opportunities. Positional support is placed at 1165; a breach below this level could pose downside risk, but as long as the stock sustains above this zone, the broader bias remains positive with a favorable risk-reward setup for a potential breakout-driven rally.

Dr. Reddy's Q3 Result Highlights

According to a regulatory filing, the company's consolidated net profit for the December FY26 quarter was Rs 1,209.8 crore, down 14.4% year-on-year (YoY) from Rs 1,413.3 crore during the same period last year.

Compared to Rs 8,358.6 crore in the third quarter of the 2024-2025 fiscal year (Q3FY25), the pharmaceutical company's revenues from operations increased by 4.4% YoY to Rs 8,726.8 crore during Q3FY26.

For the October-December quarter of FY26, its operating profit, or EBITDA, was Rs 2,049.3 crore. Its EBITDA for the third quarter of FY25 was Rs 2,298.2 crore, a 10.83% YoY drop.

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