EquityPandit’s Outlook for HDFC Bank for the week (December 07, 2015 – December 11, 2015):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.80%.

As we have mentioned last week that support for the stock lies in the zone of 1070 where 100 Daily SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 1050 where 200 Daily SMA is lying. During the week the stock manages to hit a low of 1056 and close at virtually the lowest levels.

Support for the stock lies in the zone of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 980 where channel support for the stock is positioned.

Resistance for the stock lies in the zone of 1070 where 100 Daily SMA is positioned. If the stock manages to close above this levels then the stock can move to the levels of 1100 to 1120 where all time high for the stock is lying.

Broad range for the stock in the coming week can be 1040 – 1045 on lower side to 1075 – 1080 on upper side.