EquityPandit’s Outlook for HDFC Bank for the week (April 25, 2016 – April 29, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.20%.

As we have mentioned last week that 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 these levels then the stock can move to the levels of 1120 where trend-line joining earlier highs is lying. During the week the stock manages to hit a high of 1105 and close the week around the levels of 1095.

Minor support for the stock lies in the zone of 1080. Support for the stock lies in the zone of 1040 to 1050 where 100 & 200 Daily SMA is lying. If the stock manages to close below these 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 1120 where trend-line joining earlier highs is lying. If the stock manages to close above these levels then the stock can move to the levels of 1150.

Broad range for the stock in the coming week can be 1070 on lower side to 1120 on upper side.