Signals, Powered By EquityPandit
HDFCBANK Weekly Outlook and Analysis:
For the Week: (Aug 24,2020 – Aug 28,2020)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1085.65 (NSE)
HDFC Bank closed the Week on positive note gaining 4.95%
Weekly High: 1088.80
Weekly Low: 1020.20
Weekly Range: 68.60 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1133 |
| RESISTANCE 1 | 1110 |
| SUPPORT 1 | 1041 |
| SUPPORT 2 | 996 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1041 levels, Minor resistance on the upside is capped around 1110 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 996 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 1133
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1133 on upside and 996 on downside.
Pattern analysis shows that HDFCBANK is moving in impulse wave pattern .Wave 3 is completed near 1139 levels and wave 4 is in progress . In near term outlook for HDFCBANK is positive and can continue to move higher towards 1103 levels.
