EquityPandit’s Outlook for HDFC Bank for the week (May 02, 2016 – May 06, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 3.70%.

As we have mentioned last week that minor support for the stock lies in the zone of 1080. Support for the stock lies in the zone of 1040 to 1050 where 100 & 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1020 to 1030 where short term moving averages are lying. During the week the stock manages to hit a low of 1084 and close the week around the levels of 1132.

Support for the stock lies in the zone of 1120 where trend-line joining earlier highs is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1050 to 1060 where 100 & 200 Daily SMA is lying.

The stock has broken out of multi month consolidation and virtually no resistance lies. Resistance for the stock lies in the zone of 1150.

Broad range for the stock in the coming week can be 1110 on lower side to 1160 on upper side.