EquityPandit’s Outlook for HDFC Bank for the week   (Sep 17, 2018 – Sep 21, 2018) : 

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the stock lies in the zone of 2040 to 2060 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2000 to 2020 where the stock has formed a low in the month of June-2018. During the week the stock manages to hit a low of 1990 and close the week around the levels of 2030.

Support for the stock lies in the zone of 1980 to 2000 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 1930 to 1950.

Resistance for the stock lies in the zone of 2040 to 2060 from where the stock has broken down from double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2100 to 2120 where short term moving averages and Fibonacci levels are lying.

Broad range for the stock in the coming week can be 1960 to 1980 on lower side & 2080 to 2100 on upper side.