EquityPandit’s Outlook for HDFC Bank for the week   (Apr 16, 2018 – Apr 20, 2018) : 

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week that resistance for the stock lies in the zone of 1930 to 1940 from where the stock has opened gap down and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2000 to 2020 where the stock has formed a high in the month of February-2018. During the week the stock manages to hit a high of 1943 and close the week around the levels of 1925.

Support for the stock lies in the zone of 1890 to 1900 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1835 to 1845 where low for the month of January-2018 and February-2018 is lying.

Resistance for the stock lies in the zone of 1930 to 1940 from where the stock has opened gap down and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2000 to 2020 where the stock has formed a high in the month of February-2018.

Broad range for the stock in the coming week can be 1870 to 1880 on lower side & 1970 to 1980 on upper side.