Signals, Powered By EquityPandit
HDFCBANK Weekly Outlook and Analysis:
For the Week: (Aug 17,2020 – Aug 21,2020)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1034.45 (NSE)
HDFC Bank closed the Week on negative note losing 0.90%
Weekly High: 1071.35
Weekly Low: 1027.30
Weekly Range: 44.05 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1088 |
| RESISTANCE 1 | 1061 |
| SUPPORT 1 | 1017 |
| SUPPORT 2 | 1000 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1017 levels, Minor resistance on the upside is capped around 1061 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 @ 1000 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 @ 1088
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 1088 on upside and 1000 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 the form of Inverted flag pattern. Move towards 1000 level can be expected on downside.
