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HDFCBANK Weekly Outlook and Analysis:
For the Week: (March 08,2021 – March 12,2021)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1530 (NSE)
HDFC Bank closed the Week on Negative Note Losing 0.29%
Weekly High: 1596
Weekly Low: 1521.10
Weekly Range: 74.90 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1624 |
| RESISTANCE 1 | 1577 |
| SUPPORT 1 | 1502 |
| SUPPORT 2 | 1474 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1502 levels, Minor resistance on the upside is capped around 1577 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @1474 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @1624
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. . EquityPandit’s Predicts Range for the Weekly as 1624 on upside and 1474 on downside.
On daily chart we can see HDFC BANK share price moving below trend line support. For the near term, the zone of 1510 has now become a support for the stock. Any breach below this level will invite incremental weakness.
In short, MSFL looks to be positive. Move towards 499 levels can be expected on upside. This outlook is valid as long as 420 remains protected on downside
