EquityPandit’s Outlook for HDFC Bank for week (July 27, 2015 – July 31, 2015):

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

During the week the stock hit a 52 Week High of 1128 levels.

As we have mentioned last week that the stock is moving into the channel pattern since May 2015 and the stock is approaching towards the upper end of the channel which is positioned around the levels of 1125 to 1135. The stock hit a high of 1128 during the week and retraced back to the levels of 1088 before closing the week at around 1108 levels.

So coming week we expect the stock to consolidate in the range of 1080 to 1130 levels.

If the stock breaks below the levels of 1080 the stock can drift to the levels of 1060.

Resistance for the stock lies in the range of 1120 to 1140.

Support for the stock lies in the range of 1070 to 1090 where short term moving averages are positioned.

Broad range for the stock in the coming week can be 1060 – 1080 on lower side to 1130 – 1150 on upper side.