EquityPandit’s Outlook for HDFC Bank for the week (November 30, 2015 – December 04, 2015):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.0%.

As we have mentioned last week that stock is trading around the strong support zone of 1050 where 200 Daily SMA is positioned. If the stock manages to close below this levels then the stock can drift to the levels of 970 where channel support for the stock is positioned. During the week the stock manages to hit a low of 1051 and bounce to close the week around the levels of 1079.

Support for the stock lies in the zone of 1070 where 100 Daily SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 1050 where 200 Daily SMA is lying.

The stock has closed above the major resistance level of 1070 where 100 Daily SMA is positioned. If the stock manages to close above this levels then the stock can move to the levels of 1100 to 1120 where all time high for the stock is lying.

Broad range for the stock in the coming week can be 1055 – 1065 on lower side to 1090 – 1100 on upper side.