EquityPandit’s Outlook for HDFC Bank for the week (October 26, 2015 – October 30, 2015):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 0.6%.

As we have mentioned last week that major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150. During the week the stock manages to hit a high of 1114 and close the week around the levels of 1107.

Support for the stock lies in the zone of 1080 to 1090 where short term moving averages are positioned. If the stock manages to close below this levels then the stock can drift to the levels of 1040 to 1060 where 100 & 200 Daily SMA is lying.

Major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150 where trend-line joining earlier highs is positioned.

Broad range for the stock in the coming week can be 1060 – 1080 on lower side to 1130 – 1150 on upper side.