EquityPandit’s Outlook for HDFC Bank for the week (August 08, 2016 – August 12, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 1230. Support for the stock lies in the zone of 1190 to 1200 from where the stock has broken out of the medium term top 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 1040 to 1050 where medium term moving averages are lying. During the week the stock manages to hit a low of 1228 and close the week around the levels of 1249.

Minor support for the stock lies in the zone of 1230. Support for the stock lies in the zone of 1190 to 1200 from where the stock has broken out of the medium term top 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 1040 to 1050 where medium term moving averages are lying.

The stock is hitting life time highs so virtually no resistance for the stock is lying. Resistance for the stock lies in the zone of 1280.

Broad range for the stock in the coming week can be 1220 on lower side to 1280 on upper side.