EquityPandit’s Outlook for HDFC Bank for the week (March 14, 2017 – March 17, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.70%.

As we have mentioned last week that minor support for the stock lies in the zone of 1360 to 1370. Support for the stock lies in the zone of 1330 to 1350 where the stock has generated a gap on gap up opening. If the stock manages to close below these levels then the stock can drift to the levels of 1300 to 1320 from where the stock broke out from the September-2016 highs and Fibonacci levels are lying. During the week the stock manages to hit a low of 1373 and close the week around the levels of 1400.

Minor support for the stock lies in the zone of 1380 to 1385. Support for the stock lies in the zone of 1350 to 1360 where the stock had a gap up opening. If the stock manages to close below these levels then the stock can drift to the levels of 1320 to 1330 from where the stock broke out from the September-2016 highs and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 1410 to 1420 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1445 to 1450 where life time highs for the stock is lying.

Broad range for the stock in the coming week can be 1360 to 1370 on lower side & 1430 to 1440 on upper side.