EquityPandit’s Outlook for HDFC Bank for the week (April 04, 2016 – April 08, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.50%.

As we have mentioned last week that the stock has closed around the resistance zone of 1050 to 1060 where 100 & 200 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 1090. During the week the stock manages to hit a high of 1079 and close the week around the levels of 1065.

Support for the stock lies in the zone of 1050 to 1060 where 100 & 200 Daily SMA is lying. If the stock manages to close below this levels then the stock can drift to the levels of 1020 to 1030 where short term moving averages are lying.

Resistance for the stock lies in the zone of 1080 to 1090 where the stock has made a short term top. If the stock manages to close above this levels then the stock can move to the levels of 1120 where trend-line joining earlier highs is lying.

Broad range for the stock in the coming week can be 1040 on lower side to 1100 on upper side.