EquityPandit’s Outlook for HDFC Bank for the week (November 09, 2015 – November 13, 2015):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.8%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 1069 and bounce to close the week around the levels of 1080.

Support for the stock lies in the zone of 1050 to 1070 where 100 & 200 Daily SMA are positioned. If the stock closes below this strong support zone then the stock can drift to the levels of 970 where channel support for the stock is positioned.

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 1100 – 1120 on upper side.