EquityPandit’s Outlook for HDFC Bank for the week   (May 07, 2018 – May 11, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 3.40%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 1940 to 1950. Resistance for the stock lies in the zone of 1980 to 1990 where the stock has sold off in the month of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 2020 to 2030 where the stock has formed a high in the month of February-2018. During the week the stock manages to hit a high of 1990 and close the week around the levels of 1988.

Support for the stock lies in the zone of 1940 to 1950 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1890 to 1900 where Fibonacci levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 1980 to 1990 where the stock has sold off in the month of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 2020 to 2030 where the stock has formed a high in the month of February-2018.

Broad range for the stock in the coming week can be 1940 to 1950 on lower side & 2020 to 2030 on upper side.