EquityPandit’s Outlook for HDFC Bank for the week   (Feb 26, 2018 – Mar 02, 2018) : 

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1842 and close the week around the levels of 1881.

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 & 1920 to 1930 on upper side.