EquityPandit’s Outlook for HDFC Bank for the week (January 04, 2016 – January 08, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 1085 to 1090 where the stock has made a top on 02/12/2015. If the stock manages to close above this levels then the stock can move to the levels of 1130 where the stock has made the lifetime high. During the week the stock manages to hit a high of 1090.25 and manage to close the week around the levels of 1089.

Support for the stock lies in the zone of 1070 where 100 Daily SMA and short term moving averages are lying. If the stock closes below this levels then the stock can drift to the levels of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is positioned.

Resistance for the stock lies in the zone of 1085 to 1090 where the stock has made a top on 02/12/2015. If the stock manages to close above this levels then the stock can move to the levels of 1130 where the stock has made the lifetime high.

Broad range for the stock in the coming week can be 1060 – 1070 on lower side to 1100 – 1110 on upper side.