EquityPandit’s Outlook for HDFC Bank for the week   ( Jan 01, 2018 – Jan 05, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.30%.

As we have mentioned last week, that minor support for the stock lies in the zone of 1840 to 1850. Support for the stock lies in the zone of 1825 to 1835 where 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 1800 to 1810 where medium term moving averages are lying. During the week the stock manages to hit a low of 1851 and close the week around the levels of 1872.

Support for the stock lies in the zone of 1840 to 1850 where short term moving averages and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1800 to 1810 where medium term moving averages and lows for the month of December-2017 are lying.

Resistance for the stock lies in the zone of 1880 to 1900 where life time high for the stock is lying. If the stock manages to close above these levels then the stock can move to the levels of 1930 to 1940.

Broad range for the stock in the coming week can be 1830 to 1840 on lower side & 1920 to 1930 on upper side.