EquityPandit’s Outlook for HDFC Bank for the week   (Feb 18, 2019 – Feb 22, 2019) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.00%.

As we have mentioned last week, that support for the stock lies in the zone of 2080 to 2090 where Fibonacci 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 2030 to 2050 where Fibonacci levels and long term moving averages are lying. During the week the stock manages to hit a low of 2078 and close the week around the levels of 2101.

Support for the stock lies in the zone of 2080 to 2090 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2030 to 2050 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the stock lies around 2110 to 2120. Resistance for the stock lies in the zone of 2140 to 2150 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 2050 to 2070 on lower side & 2130 to 2150 on upper side.