EquityPandit’s Outlook for HDFC Bank for the week (February 15, 2016 – February 19, 2016):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 8.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 1040. 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. During the week the stock manages to hit a low of 966 and close the week around the levels of 971.

Support for the stock lies in the zone of 950 to 960 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 920 to 930 where monthly trend-line support for the stock is lying.

The stock has closed just below the channel support in which the stock is moving since April – 2015. The channel level for the stock is lying in the range of 980. If the stock manages to close above this levels then the stock can move to the levels of 1010 to 1020 from where the stock has broken down the short term bottom.

Broad range for the stock in the coming week can be 950 on lower side to 1000 on upper side.