EquityPandit’s Outlook for HDFC Bank for the week (October 03, 2016 – October 07, 2016) :

HDFC BANK:

HDFC Bank closed the week on negative note losing around 3.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 1300 from where the stock has broken out of double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 1270 to 1280. During the week the stock manages to hit a low of 1267 and close the week around the levels of 1273.

Support for the stock lies in the zone of 1260 to 1265 from where the stock has bounced couple of times and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1220 to 1230 where the stock has made a bottom in the month of August – 2016.

Resistance for the stock lies in the zone of 1290 to 1300. If the stock manages to close above these levels then the stock can move to the levels of 1320 where the stock has made a top in the month of September – 2016.

Broad range for the stock in the coming week can be 1250 on lower side to 1300 on upper side.