EquityPandit’s Outlook for HDFC Bank for the week  (April 24, 2017 – April 28, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 3.90%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1450 to 1455. Resistance for the stock lies in the zone of 1470 to 1480 where the stock has formed a high in the month of March-2017. If the stock manages to close above these levels then the stock can move to the levels of 1500 to 1505 where Fibonacci level is lying. During the week the stock manages to hit a high of 1499 and close the week around the levels of 1497.

Support for the stock lies in the zone of 1470 to 1480 from where the stock broke out of March-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 1455 to 1460 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 1500 to 1505 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 1540 to 1550.

Broad range for the stock in the coming week can be 1460 to 1470 on lower side & 1530 to 1540 on upper side.