EquityPandit’s Outlook for HDFC Bank for the week  (July 17, 2017 – July 21, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 1655 to 1660. Support for the stock lies in the zone of 1600 to 1620 where the stock has taken multiple support and short term moving averages are lying. 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 1658 and close the week around the levels of 1680.

Minor support for the stock lies in the zone of 1660 to 1665. Support for the stock lies in the zone of 1600 to 1620 where the stock has taken multiple support and short term moving averages are lying. 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.

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 1640 to 1650 on lower side & 1720 to 1730 on upper side.