EquityPandit’s Outlook for HDFC Bank for the week  (May 29, 2017 – June 02, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 4.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1632 and close the week around the levels of 1626.

Minor support for the stock lies in the zone of 1595 to 1605. Support for the stock lies in the zone of 1570 to 1580 from where the stock broke out of April-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1540 to 1550 where the stock has taken multiple support.

Minor resistance for the stock lies in the zone of 1635 to 1640. Resistance for the stock lies in the zone of 1660 to 1665. If the stock manages to close above these levels then the stock can move to the levels of around 1690 to 1700.

Broad range for the stock in the coming week can be 1580 to 1590 on lower side & 1660 to 1670 on upper side.