EquityPandit’s Outlook for HDFC Bank for the week (September 19, 2016 – September 23, 2016) :

HDFC BANK:

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

As we have mentioned last week that minor support for the stock lies in the zone of 1260 to 1266. Support for the stock lies in the zone of 1235 to 1240 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 where medium term moving averages are lying. During the week the stock manages to hit a low of 1265 and close the week around the levels of 1298.

Minor support for the stock lies in the zone of 1260 to 1266. Support for the stock lies in the zone of 1235 to 1240 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 where medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 1300 to 1305. 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 1270 on lower side to 1325 on upper side.