EquityPandit’s Outlook for HDFC Bank for the week   (June 04, 2018 – June 08, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 5.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2020 to 2030 from where the index has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 2050 to 2060. During the week the stock manages to hit a high of 2160 and close the week around the levels of 2110.

Minor support for the stock lies in the zone of 2080 to 2100. Support for the stock lies in the zone of 2050 to 2060 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2000 to 2020 where Fibonacci levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 2140 to 2160 where the stock has formed a high in the month of May-2018. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220.

Broad range for the stock in the coming week can be 2000 to 2020 on lower side & 2200 to 2220 on upper side.