EquityPandit’s Outlook for HDFC Bank for the week   (Sep 24, 2018 – Sep 28, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.90%.

As we have mentioned last week, that support for the stock lies in the zone of 1980 to 2000 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1930 to 1950. During the week the stock manages to hit a low of 1910 and close the week around the levels of 1970.

Support for the stock lies in the zone of 1930 to 1950 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 1880 to 1900.

Resistance for the stock lies in the zone of 1980 to 2000 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2040 to 2060 from where the stock has broken down from double bottom pattern.

Broad range for the stock in the coming week can be 1900 to 1920 on lower side & 2030 to 2050 on upper side.