EquityPandit’s Outlook for HDFC Bank for the week  (May 22, 2017 – May 26, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 1530 to 1540. Support for the stock lies in the zone of 1500 to 1510 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1460 to 1480 where Fibonacci level and highs for the month of March-2017 are lying. During the week the stock manages to hit a lo w of 1542 and close the week around the levels of 1561.

Minor support for the stock lies in the zone of 1545 to 1550. Support for the stock lies in the zone of 1500 to 1510 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1460 to 1480 where Fibonacci level and highs for the month of March-2017 are lying.

Minor resistance for the stock lies in the zone of 1555 to 1560. Resistance for the stock lies in the zone of 1570 to 1580 where highs for the month of April-2017 is lying. If the stock manages to close above these levels then the stock can move to the levels of around 1600 to 1610.

Broad range for the stock in the coming week can be 1530 to 1540 on lower side & 1580 to 1590 on upper side.