EquityPandit’s Outlook for HDFC Bank for the week (November 02, 2015 – November 06, 2015):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.8%.

As we have mentioned last week that major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150 where trend-line joining earlier highs is positioned. During the week the stock manages to hit a high of 1124 and retraced to close the week around the levels of 1100.

Support for the stock lies in the zone of 1060 to 1080 where short term moving averages and 100 Daily SMA are positioned. If the stock manages to close below this levels then the stock can drift to the levels of 1040 where 200 Daily SMA and trend-line support is lying.

Major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150 where trend-line joining earlier highs is positioned.

Broad range for the stock in the coming week can be 1060 – 1080 on lower side to 1130 – 1150 on upper side.