EquityPandit’s Outlook for HDFC Bank for the week   (June 11, 2018 – June 15, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.90%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2140 to 2160 where the stock has formed a high in the month of May-2018. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220. During the week the stock manages to hit a high of 2157 and close the week around the levels of 2049.

Support for the stock lies in the zone of 2000 to 2020 where Fibonacci levels 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 1940 to 1950 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 2080 to 2100. Resistance for the stock lies in the zone of 2140 to 2160 where the stock has formed a high in the month of May-2018. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220.

Broad range for the stock in the coming week can be 1980 to 2000 on lower side & 2100 to 2120 on upper side.