EquityPandit’s Outlook for HDFC Bank for the week   (Jan 28, 2019 – Feb 1, 2019) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.60%.

As we have mentioned last week, that minor support for the stock lies around 2110 to 2120. Support for the stock lies in the zone of 2080 to 2090 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2040 to 2060 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 2090 and close the week around the levels of 2096.

Support for the stock lies in the zone of 2080 to 2090 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2040 to 2060 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies around 2110 to 2120. Resistance for the stock lies in the zone of 2140 to 2150 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 where high for the month of July-2018 is lying.

Broad range for the stock in the coming week can be 2040 to 2060 on lower side & 2120 to 2140 on upper side.