EquityPandit’s Outlook for HDFC Bank for the week   (Feb 05, 2018 – Feb 09, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.40%.

As we have mentioned last week, that minor support for the stock lies in the zone of 1930 to 1940. Support for the stock lies in the zone of 1900 to 1910 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1840 to 1850 where short term moving averages and break out levels are lying. During the week the stock manages to hit a low of 1941 and close the week around the levels of 1948.

Minor support for the stock lies in the zone of 1930 to 1940. Support for the stock lies in the zone of 1900 to 1910 where break out levels 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 around 1840 to 1850 where medium term moving averages and lows for the month of January-2017 is lying.

Resistance for the stock lies in the zone of 1970 to 1980 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 2000 to 2010.

Broad range for the stock in the coming week can be 1900 to 1910 on lower side & 2000 to 2010 on upper side.