EquityPandit’s Outlook for HDFC Bank for the week (February 20, 2017 – February 24, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 5.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 1290 to 1295. Support for the stock lies in the zone of 1265 to 1275 from where the stock broke out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 1240 to 1250 where medium term moving averages are lying. During the week the stock manages to hit a low of 1299 and close the week around the levels of 1377.

Minor support for the stock lies in the zone of 1350 to 1360. Support for the stock lies in the zone of 1300 to 1320 from where the stock broke out from the September-2016 highs. If the stock manages to close below these levels then the stock can drift to the levels of 1260 to 1280.

Resistance for the stock lies in the zone of 1390 to 1400 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1425 to 1435.

Broad range for the stock in the coming week can be 1320 to 1330 on lower side & 1400 to 1420 on upper side.