EquityPandit’s Outlook for HDFC Bank for the week (May 30, 2016 – June 03, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 4.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1133 and close the week around the levels of 1190.

Support for the stock lies in the zone of 1120 to 1130 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 1200.

Broad range for the stock in the coming week can be 1130 on lower side to 1200 on upper side.