EquityPandit’s Outlook for HDFC Bank for the week (October 10, 2016 – October 14, 2016) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1300 and close the week around the levels of 1281.

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.