Chart Check: What does annual chart suggest for DRL? Upside likely to continue in next 1-2 years

Experts suggest that the rally in Dr Reddy’s Laboratories may not be over yet, as the pharma stock hit a 52-week high of INR 5,176 on 3 July 2023, which could extend to INR 5,400 levels in the next 1-2 years based on yearly charts. The stock has risen more than 10% in a month and more than 20% in the last 6 months, with pharma stocks moving in tandem with the momentum seen in the sector. After considerable underperformance, the Pharma sector’s health has started to improve, as the index has given a breakout from the falling channel which is a bullish continuation sign.