EquityPandit’s Outlook for HDFC Bank for the week (February 29, 2016 – March 04, 2016):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 938 and bounce to close the week around the levels of 964.

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.

Resistance for the stock lies in the range of 980 to 990 where channel resistance for the stock is lying. 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 940 on lower side to 1010 on upper side.