EquityPandit’s Outlook for HDFC Bank for the week   (Mar 05, 2019 – Mar 08, 2019) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.40%.

As we have mentioned last week, that minor resistance for the stock lies around 2110 to 2120. Resistance for the stock lies in the zone of 2140 to 2150 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 where high for the month of July-2018 is lying. During the week the stock manages to hit a high of 2130 and close the week around the levels of 2083.

Support for the stock lies in the zone of 2070 to 2080 where the stock has formed a triple bottom in the month of February-2019 and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2030 to 2050 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the stock lies around 2100 to 2110. Resistance for the stock lies in the zone of 2140 to 2150 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220 where high for the month of July-2018 is lying.

Broad range for the stock in the coming week can be 2030 to 2050 on lower side & 2120 to 2140 on upper side.