EquityPandit’s Outlook for HDFC Bank for the week (August 29, 2016 – September 02, 2016) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 1230 to 1235. 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 1140 to 1150 where medium term moving averages are lying. During the week the stock manages to hit a low of 1241 and close the week around the levels of 1257.

Minor support for the stock lies in the zone of 1230 to 1235. 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 1140 to 1150 where medium term moving averages are lying.

Resistance for the stock lies in the range of 1255 to 1260. The stock is trading around the 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 1240 on lower side to 1275 on upper side.