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HDFCBANK Weekly Outlook and Analysis:
For the Week: (March 22,2021 – March 26,2021)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1497.50(NSE)
HDFC Bank closed the Week on Negative Note Losing 3.51%
Weekly High: 1548.40
Weekly Low: 1474.05
Weekly Range: 74.35 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1580 |
| RESISTANCE 1 | 1538 |
| SUPPORT 1 | 1464 |
| SUPPORT 2 | 1432 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1464 levels, Minor resistance on the upside is capped around 1538 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 @1432 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 @1580
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1580 on upside and 1432 on downside.
On daily chart we can see that last week was bearish for HDFC BANK .If we look from an immediate short-term angle, stock will not have any sustainable up move unless this level of 1512-1515 is taken out.
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
