EquityPandit’s Outlook for HDFC Bank for the week   (Oct 01, 2018 – Oct 05, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 1915 and close the week around the levels of 2006.

Support for the stock lies in the zone of 1950 to 1970 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 where low for the month of September-2018 is lying.

Resistance for the stock lies in the zone of 2000 to 2020 where Fibonacci levels 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 1950 to 1970 on lower side & 2030 to 2050 on upper side.