EquityPandit’s Outlook for HDFC Bank for the week  (July 03, 2017 – July 07, 2017) :

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 in the zone of 1655 to 1665. Support for the stock lies in the zone of 1600 to 1620 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of around 1570 to 1580 from where the stock broke out of April-2017 highs. During the week the stock manages to hit a low of 1643 and close the week around the levels of 1652.

Minor support for the stock lies in the zone of 1635 to 1645. Support for the stock lies in the zone of 1600 to 1620 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of around 1570 to 1580 from where the stock broke out of April-2017 highs.

Minor resistance for the stock lies in the zone of 1675 to 1680. Resistance for the stock lies in the zone of 1720 to 1730. If the stock manages to close above these levels then the stock can move to the levels of around 1755 to 1765.

Broad range for the stock in the coming week can be 1620 to 1630 on lower side & 1680 to 1700 on upper side.