EquityPandit’s Outlook for HDFC Bank for the week  (Aug 21, 2017 – Aug 25, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1755 to 1765. Resistance for the stock lies in the zone of 1800 to 1810 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of around 1850 to 1860. During the week the stock manages to hit a high of 1790 and close the week around the levels of 1752.

Minor support for the stock lies in the zone of 1735 to 1740. Support for the stock lies in the zone of 1710 to 1720 from where the stock broke out of June-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1680 to 1690 where short term moving averages are lying.

Minor resistance for the stock lies in the zone of 1755 to 1765. Resistance for the stock lies in the zone of 1800 to 1810 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of around 1850 to 1860.

Broad range for the stock in the coming week can be 1700 to 1720 on lower side & 1800 to 1810 on upper side.