EquityPandit’s Outlook for HDFC Bank for the week (January 11, 2016 – January 15, 2016):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1050 and bounce to close the week around the levels of 1062.

Support for the stock lies in the zone of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is positioned. If the stock manages to close below this levels then the stock can drift to the levels of 980 where channel support for the stock is lying.

Resistance for the stock lies in the zone of 1070 where short term moving averages are lying. If the stock manages to close above this levels then the stock can move to the levels of 1085 to 1090 where the stock has made a top on 02/12/2015.

Broad range for the stock in the coming week can be 1030 – 1040 on lower side to 1080 – 1100 on upper side.