EquityPandit’s Outlook for HDFC Bank for the week (January 25, 2016 – January 29, 2016):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1008 and bounce to close the week around the levels of 1030.

Support for the stock lies in the zone of 980 to 1000 where channel support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 950 where 500 Daily SMA and 100 Weekly SMA are positioned.

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.