EquityPandit’s Outlook for HDFC Bank for the week (January 02, 2017 – January 06, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 1200 to 1220 from where the stock has broken down from the lows of 15/07/2016 and 09/11/2016. If the stock manages to close above these levels then the stock can move to the levels of 1240 to 1250 where short term and medium term moving averages are lying. During the week the stock manages to hit a high of 1212 and close the week around the levels of 1206.

The stock has closed around the support zone of 1185 to 1190 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1150 to 1160 where the stock has taken support in the month of May-2016 and June-2016.

Resistance for the stock lies in the zone of 1200 to 1220 from where the stock has broken down from the lows of 15/07/2016 and 09/11/2016. If the stock manages to close above these levels then the stock can move to the levels of 1240 to 1250.

Broad range for the stock in the coming week can be 1180 on lower side to 1240 on upper side.