EquityPandit’s Outlook for HDFC Bank for the week (September 26, 2016 – September 30, 2016) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 1318 and close the week around the levels of 1313.

Minor support for the stock lies in the zone of 1300 from where the stock has broken out of double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 1270 to 1280.

Minor resistance for the stock lies in the zone of 1318 to 1320. 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 1280 on lower side to 1325 on upper side.