EquityPandit’s Outlook for HDFC Bank for the week (February 27, 2017 – March 03, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 1390 to 1400 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1425 to 1435. During the week the stock manages to hit a high of 1422 and close the week around the levels of 1394.

Minor support for the stock lies in the zone of 1360 to 1370. Support for the stock lies in the zone of 1330 to 1350 where the stock has generated a gap on gap up opening. If the stock manages to close below these levels then the stock can drift to the levels of 1300 to 1320 from where the stock broke out from the September-2016 highs.

Resistance for the stock lies in the zone of 1390 to 1400 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1420 to 1425.

Broad range for the stock in the coming week can be 1350 to 1360 on lower side & 1430 to 1440 on upper side.