EquityPandit’s Outlook for HDFC Bank for the week (January 18, 2016 – January 22, 2016):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1064 and retraced to close the week around the levels of 1042.

The stock has closed just below the 200 Daily SMA lying around the levels of 1055. Support for the stock lies in the zone of 1037 where the stock has made a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 980 to 1000 where channel support for the stock is lying.

Resistance for the stock lies in the zone of 1050 to 1060 where 100 & 200 Daily SMA are positioned. 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 1010 – 1020 on lower side to 1060 – 1070 on upper side.