EquityPandit’s Outlook for HDFC Bank for the week (February 06, 2017 – February 10, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 1290 to 1300 where the stock has formed a top in the month of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 1320 where the stock has formed a life time highs in the month of September-2016. During the week the stock manages to hit a high of 1316 and close the week around the levels of 1311.

Minor support for the stock lies in the zone of 1290 to 1295. Support for the stock lies in the zone of 1265 to 1275 from where the stock broke out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 1240 to 1250 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 1320 where the stock has formed a life time highs in the month of September-2016. If the stock manages to close above these levels then the stock will enter in un-chanted territory and virtually no resistance lies.

Broad range for the stock in the coming week can be 1280 on lower side to 1340 on upper side.