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HDFCBANK Weekly Outlook and Analysis:
For the Week: (Dec 14,2020 – Dec 18,2020)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1382.80(NSE)
HDFC Bank closed the Week on Flat Note
Weekly High: 1410.05
Weekly Low: 1358.10
Weekly Range: 51.95 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1435 |
| RESISTANCE 1 | 1411 |
| SUPPORT 1 | 1357 |
| SUPPORT 2 | 1331 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1357 levels, Minor resistance on the upside is capped around 1411 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 @1331 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 @1435
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. . EquityPandit’s Predicts Range for the Weekly as 1435 on upside and 1331 on downside.
On daily chart we can see HDFC BANK share price formed a triangle pattern. Further it is important to see whether price break above or break down from the same.
In short, MSFL looks to be positive. Move towards 499 levels can be expected on upside. This outlook is valid as long as 420 remains protected on downside
