EquityPandit’s Outlook for HDFC Bank for the week   (Oct 08, 2018 – Oct 12, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 2052 and close the week around the levels of 1965.

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 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock in the coming week can be 1900 to 1920 on lower side & 2020 to 2040 on upper side.