EquityPandit’s Outlook for HDFC Bank for the week (December 21, 2015 – December 24, 2015):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 2.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1040 and bounce to close the week around the levels of 1073.

Stock has closed around the support zone of 1070 where 100 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 1045 to 1050 where 200 Daily SMA and trend-line support for the stock is positioned.

Resistance for the index lies in the zone of 1085 to 1090 where the stock has made a top on 02/12/2015. If the stock manages to close above this levels then the stock can move to the levels of 1130 where the stock has made the lifetime high.

Broad range for the stock in the coming week can be 1045 – 1050 on lower side to 1090 – 1100 on upper side.