EquityPandit’s Outlook for HDFC Bank for the week   (Dec 03, 2018 – Dec 07, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 6.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2010 to 2030 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2050 to 2070 where high for the month of October-2018 and Fibonacci levels are lying. During the week the stock manages to hit a high of 2137 and close the week around the levels of 2128.

Support for the stock lies in the zone of 2080 to 2100 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2040 to 2060 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2140 to 2160 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 where high for the month of July-2018 is lying.

Broad range for the stock in the coming week can be 2030 to 2050 on lower side & 2220 to 2250 on upper side.