EquityPandit’s Outlook for HDFC Bank for the week  (Oct 16, 2017 – Oct 19, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 2.80%.

As we have mentioned last week, that support for the stock lies in the zone of 1800 to 1810 from where the stock broke out of August-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1770 to 1780 from where the stock broke out after consolidation. During the week the stock manages to hit a low of 1788 and close the week around the levels of 1851.

Support for the stock lies in the zone of 1815 to 1820 from where the stock broke out of consolidation. If the stock manages to close below these levels then the stock can drift to the levels of around 1800 to 1805 from where the stock broke out of August-2017 highs.

Resistance for the stock lies in the zone of 1850 to 1860. If the stock manages to close above these levels then the stock can move to the levels of 1890 to 1900.

Broad range for the stock in the coming week can be 1800 to 1810 on lower side & 1900 to 1910 on upper side.