EquityPandit’s Outlook for HDFC Bank for the week (September 06, 2016 – September 09, 2016) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 2.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 1230 to 1235. Support for the stock lies in the zone of 1190 to 1200 from where the stock has broken out of the medium term top 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 1140 to 1150 where medium term moving averages are lying. During the week the stock manages to hit a low of 1236 and close the week around the levels of 1285.

Minor support for the stock lies in the zone of 1260 to 1266. Support for the stock lies in the zone of 1230 to 1235 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1200 to 1210.

Minor resistance for the stock lies in the zone of 1295 to 1300. If the stock manages to close above these levels then the stock can move to the levels of 1350. The stock is trading around the life time highs so virtually no resistance for the stock is lying.

Broad range for the stock in the coming week can be 1260 on lower side to 1325 on upper side.