EquityPandit’s Outlook for HDFC Bank for the week  (April 03, 2017 – April 07, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 1405 to 1415. Support for the stock lies in the zone of 1370 to 1380 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of 1320 to 1330 from where the stock broke out from the September-2016 highs and Fibonacci levels are lying. During the week the stock manages to hit a low of 1404 and close the week around the levels of 1443.

Minor support for the stock lies in the zone of 1425 to 1435. Support for the stock lies in the zone of 1400 to 1410 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 1360 to 1370 where the stock has formed a gap on gap up opening.

Resistance for the stock lies in the zone of 1470 to 1480 where the stock has formed a high in the month of March-2017. If the stock manages to close above these levels then the stock can move to the levels of 1500 to 1505 where Fibonacci level is lying.

Broad range for the stock in the coming week can be 1410 to 1420 on lower side & 1480 to 1490 on upper side.