Signals, Powered By EquityPandit
HDFCBANK Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1114.50 (NSE)
HDFC Bank closed the Week on positive note gaining 2.65%
Weekly High: 1131.75
Weekly Low: 1085.65
Weekly Range: 46.10 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1157 |
| RESISTANCE 1 | 1136 |
| SUPPORT 1 | 1090 |
| SUPPORT 2 | 1065 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1090 levels, Minor resistance on the upside is capped around 1136 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 @ 1065 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 @ 1157
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1157 on upside and 1065 on downside.
Pattern analysis shows that HDFCBANK closed above 1.618% of Fibonacci retracement . In near term outlook for HDFCBANK is positive and can continue to move higher towards 1155 levels.
