EquityPandit’s Outlook for HDFC Bank for the week (March 08, 2016 – March 11, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 6.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1025 and close the week around the highest levels.

Support for the stock lies in the zone of 980 to 990 where channel support for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 950 to 960 where 500 Daily SMA and 100 Weekly SMA are positioned.

The stock has closed around the resistance zone of 1020 to 1030 from where the stock has broken down the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 1050 where 100 & 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 990 on lower side to 1060 on upper side.