EquityPandit’s Outlook for HDFC Bank for the week   (June 18, 2018 – June 22, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.90%.

As we have mentioned last week, that support for the stock lies in the zone of 2000 to 2020 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 1940 to 1950 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 2022 and close the week around the levels of 2030.

Support for the stock lies in the zone of 2000 to 2020 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 1940 to 1950 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 2050 to 2060. Resistance for the stock lies in the zone of 2080 to 2100 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 2140 to 2160 where the stock has formed a high in the month of May-2018.

Broad range for the stock in the coming week can be 1950 to 1970 on lower side & 2080 to 2100 on upper side.