EquityPandit’s Outlook for HDFC Bank for the week   (Nov 19, 2018 – Nov 23, 2018) : 

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 1908 and close the week around the levels of 2004.

Minor support for the stock lies in the zone of 1960 to 1980. 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 2010 to 2030 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2050 to 2070 where high for the month of October-2018 and Fibonacci levels are lying.

Broad range for the stock in the coming week can be 1930 to 1950 on lower side & 2050 to 2070 on upper side.