HDFCBANK Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS

HDFC Bank Share Price: 1078.65 (NSE)

HDFC Bank closed the Week on negative note losing 3.63%

Weekly High: 1119.50

Weekly Low: 1071.00

Weekly Range: 48.50 Points

Weekly Support & Resistance For HDFC Bank:

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1060 levels, Minor resistance on the upside is capped around 1107 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 @ 1041 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 @ 1137

Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1137 on upside and 1041 on downside.

The technical analysis shows that HDFC BANK share price manage to close near 1078 level after taking support from 200 EMA.
For the near term, 1068- 1069 level has now become a temporary immediate support for the stock. Move below this level will drag price down which could be in the form of wave 4th.