EquityPandit’s Outlook for HDFC Bank for the week   (Oct 29, 2018 – Nov 02, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2010 to 2030 where Fibonacci levels and short & long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2055 to 2065 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a high of 2020 and close the week around the levels of 1961.

Support for the stock lies in the zone of 1950 to 1970 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1900 to 1920 where low for the month of September-2018 and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 2010 to 2030 where Fibonacci levels and short & long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2055 to 2065 where Fibonacci levels and medium term moving averages are lying.

Broad range for the stock in the coming week can be 1900 to 1920 on lower side & 2020 to 2040 on upper side.