EquityPandit’s Outlook for HDFC Bank for the week   (May 21, 2018 – May 25, 2018) : 

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the stock lies in the zone of 2020 to 2030 where the stock has formed a high in the month of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 2050 to 2060. During the week the stock manages to hit a high of 2065 and close the week around the levels of 2012.

Minor support for the stock lies in the zone of 1980 to 1990. 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 2020 to 2030 from where the index has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 2050 to 2060.

Broad range for the stock in the coming week can be 1970 to 1980 on lower side & 2050 to 2060 on upper side.