EquityPandit’s Outlook for HDFC Bank for the week   (Aug 20, 2018 – Aug 24, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.80%.

As we have mentioned last week, that support for the stock lies in the zone of 2080 to 2100 where break out 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 2030 to 2050 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 2066 and close the week around the levels of 2077.

Support for the stock lies in the zone of 2040 to 2060 where Fibonacci levels and 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 2000 to 2020 where the stock has formed a low in the month of June-2018.

Resistance for the stock lies in the zone of 2100 to 2120 where short term moving averages and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2150 to 2170 from where the stock has broken down.

Broad range for the stock in the coming week can be 2000 to 2020 on lower side & 2120 to 2140 on upper side.