EquityPandit’s Outlook for HDFC Bank for the week  (Oct 30, 2017 – Nov 03, 2017) :

HDFC BANK:

HDFC Bank closed the week on negative note losing around 3.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 1850 to 1860. If the stock manages to close above these levels then the stock can move to the levels of 1890 to 1900. During the week the stock manages to hit a high of 1867 and close the week around the levels of 1791.

Support for the stock lies in the zone of 1750 to 1760 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1720 to 1730 where the stock has taken multiple supports in the month of August-2017.

Resistance for the stock lies in the zone of 1800 to 1810 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1830 to 1840 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 1720 to 1730 on lower side & 1830 to 1840 on upper side.