EquityPandit’s Outlook for HDFC Bank for the week (March 21, 2016 – March 23, 2016):

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week that the stock has closed around the resistance zone of 1020 to 1030 from where the stock has broken down the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 1050 where 100 & 200 Daily SMA is lying. During the week the stock manages to hit a high of 1039 and close the week around the levels of 1027.

Support for the stock lies in the zone of 990 to 1000 where channel support for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 950 to 960 where 500 Daily SMA and 100 Weekly SMA are positioned.

The stock has closed around the resistance zone of 1020 to 1030 from where the stock has broken down the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 1050 where 100 & 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 1000 on lower side to 1060 on upper side.