EquityPandit’s Outlook for HDFC Bank for the week (January 30, 2017 – February 03, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 4.50%.

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 1300 and close the week around the levels of 1292.

Minor support for the stock lies in the zone of 1270 to 1275. Support for the stock lies in the zone of 1250 to 1260 from where the stock broke out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 1230 to 1235 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 1290 to 1300 where the stock has formed a top in the month of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 1320 where the stock has formed a life time highs in the month of September-2016.

Broad range for the stock in the coming week can be 1270 on lower side to 1320 on upper side.