EquityPandit’s Outlook for HDFC Bank for the week  (April 17, 2017 – April 21, 2017) :

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week that minor resistance for the stock lies in the zone of 1450 to 1455. 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. During the week the stock manages to hit a high of 1450 and close the week around the levels of 1440.

Minor support for the stock lies in the zone of 1425 to 1430. 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.

Minor resistance for the stock lies in the zone of 1450 to 1455. 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.