EquityPandit’s Outlook for HDFC Bank for the week   (Feb 19, 2018 – Feb 23, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 1890 to 1900 where from the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 1930 to 1940 from where the stock has opened gap down. During the week the stock manages to hit a high of 1898 and close the week around the levels of 1879.

Support for the stock lies in the zone of 1840 to 1850 where medium term moving averages and lows for the month of January-2017 is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1780 to 1800 where the stock has taken support in the month of November-2017 & December-2017 and long term moving averages are lying.

Resistance for the stock lies in the zone of 1890 to 1900 where from the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 1930 to 1940 from where the stock has opened gap down.

Broad range for the stock in the coming week can be 1820 to 1830 on lower side & 1910 to 1920 on upper side.