EquityPandit’s Outlook for HDFC Bank for the week  (Sep 11, 2017 – Sep 15, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 1735 to 1740. Support for the stock lies in the zone of 1710 to 1720 from where the stock broke out of June-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of around 1680 to 1690 where short term moving averages are lying. During the week the stock manages to hit a low of 1738 and close the week around the levels of 1788.

Minor support for the stock lies in the zone of 1765 to 1770. Support for the stock lies in the zone of 1735 to 1740 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of around 1710 to 1720 from where the stock broke out of June-2017 highs.

Resistance for the stock lies in the zone of 1810 to 1820 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of around 1850 to 1860.

Broad range for the stock in the coming week can be 1750 to 1760 on lower side & 1820 to 1830 on upper side.