EquityPandit’s Outlook for HDFC Bank for the week   (May 28, 2018 – June 01, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.30%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 1956 and close the week around the levels of 2009.

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 1960 to 1970 on lower side & 2040 to 2050 on upper side.