EquityPandit’s Outlook for HDFC Bank for the week  (July 31, 2017 – Aug 04, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 1685 to 1690. Support for the stock lies in the zone of 1650 to 1660 from where the stock broke out 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 1600 to 1610. During the week the stock manages to hit a low of 1695 and close the week around the levels of 1778.

Minor support for the stock lies in the zone of 1750 to 1760. Support for the stock lies in the zone of 1700 to 1720 from where the stock broke out of June-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1650 to 1660 where short term moving averages are lying.

Resistance for the stock lies in the zone of 1800 to 1810. If the stock manages to close above these levels then the stock can move to the levels of around 1850 to 1860.

Broad range for the stock in the coming week can be 1700 to 1720 on lower side & 1850 to 1860 on upper side.