EquityPandit’s Outlook for HDFC Bank for the week   (Aug 13, 2018 – Aug 17, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.40%.

As we have mentioned last week, that support for the stock lies in the zone of 2080 to 2100 where break out levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2030 to 2050 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 2095 and close the week around the levels of 2114.

Support for the stock lies in the zone of 2080 to 2100 where break out levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2030 to 2050 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies around 2140 to 2160. Resistance for the stock lies in the zone of 2200 to 2220 where the index has formed a high in the month of July-2018. If the stock manages to close above these levels then the stock can move to the levels of 2250 to 2270.

Broad range for the stock in the coming week can be 2060 to 2080 on lower side & 2150 to 2170 on upper side.