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HDFCBANK Weekly Outlook and Analysis:
For the Week: (March 15,2021 – March 19,2021)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1551.95(NSE)
HDFC Bank closed the Week on Positive Note Gaining 1.43%
Weekly High: 1600
Weekly Low: 1512.50
Weekly Range: 87.50 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1642 |
| RESISTANCE 1 | 1600 |
| SUPPORT 1 | 1509 |
| SUPPORT 2 | 1466 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1509 levels, Minor resistance on the upside is capped around 1600 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 @1466 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 @1642
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1642 on upside and 1466 on downside.
On daily chart we can see HDFC BANK share price moving in the form of Double Bottom pattern. To continue with up move, break above prior day high near 1600 on closing basis is required.
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
