EquityPandit’s Outlook for HDFC Bank for the week (January 23, 2017 – January 27, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 1240 to 1250 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 1280 to 1290 where the stock has formed a top in the month of November-2016. During the week the stock manages to hit a high of 1256 and close the week around the levels of 1236.

Minor support for the stock lies in the zone of 1222 to 1225. Support for the stock lies in the zone of 1200 to 1210 from where the stock broke out of the consolidation zone. If the stock manages to close below these levels then the stock can drift to the levels of 1170 to 1180 where the stock has formed a bottom in the month of December-2016.

Resistance for the stock lies in the zone of 1240 to 1250 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 1280 to 1290 where the stock has formed a top in the month of November-2016.

Broad range for the stock in the coming week can be 1210 on lower side to 1270 on upper side.