EquityPandit’s Outlook for HDFC Bank for the week (March 28, 2016 – April 01, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 2.00%.

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 1057 and close the week around the levels of 1049.

Support for the index lies in the zone of 1020 to 1030 where short term moving averages are lying. If the stock manages to close below this levels then the stock can drift to the levels of 990 to 1000 where channel support for the stock is lying.

The stock has closed around the resistance zone of 1050 to 1060 where 100 & 200 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 1090.

Broad range for the stock in the coming week can be 1020 on lower side to 1080 on upper side.