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HDFCBANK Weekly Outlook and Analysis:
For the Week: (May 31,2021 – June 04,2021)
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
HDFC Bank Share Price: 1503.45 (NSE)
HDFC Bank closed the Week on Positive Note Gaining 0.41%
Weekly High: 1520.45
Weekly Low: 1462.45
Weekly Range: 58 Points
Weekly Support & Resistance For HDFC Bank:
| RESISTANCE 2 | 1550 |
| RESISTANCE 1 | 1528 |
| SUPPORT 1 | 1470 |
| SUPPORT 2 | 1437 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1470 levels, Minor resistance on the upside is capped around 1528 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @1437 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @1550
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 1550 on upside and 1437 on downside.
On daily chart we can see that stock is moving within double bottom pattern formation. Break above 1520 levels which could take prices toward 1580 levels or higher levels.
In short, MSFL looks to be positive. Move towards 499 levels can be expected on upside. This outlook is valid as long as 420 remains protected on downside
