EquityPandit’s Outlook for HDFC Bank for the week   (Nov 12, 2018 – Nov 16, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.20%.

As we have mentioned last week, that support for the stock lies in the zone of 1930 to 1940 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1880 to 1900 where low for the month of October-2018 and Fibonacci levels are lying. During the week the stock manages to hit a low of 1936 and close the week around the levels of 1945.

Support for the stock lies in the zone of 1910 to 1930 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1870 to 1890 where low for the month of October-2018 and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 1960 to 1980 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2010 to 2030 where Fibonacci levels and long term moving averages are lying.

Broad range for the stock in the coming week can be 1880 to 1900 on lower side & 2000 to 2020 on upper side.