Signals, Powered By EquityPandit
HDFCBANK Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1043.85 NSE
Stock closed the week on positive note gaining 1.06%
Week High: 1061.05
Week Low: 993.00
Week Range: 68.05 Points
Weekly Support & Resistance Levels for HDFC Bank Ltd.
| RESISTANCE 2 | 1100 |
| RESISTANCE 1 | 1072 |
| SUPPORT 1 | 1004 |
| SUPPORT 2 | 964 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1004 levels, Minor resistance on the upside is capped around 1072 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 964 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 1100
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the week as 1100 on upside and 964 on downside.
Pattern analysis shows that HDFCBANK is moving in impulse wave pattern .Wave 3 is completed near 1139 levels and wave 4 is in progress . Stock price are now moving in symmetrical triangle pattern. Level 1020-1019 will act as support for short trend.
