EquityPandit’s Outlook for HDFC Bank for the week (September 28, 2015 – October 02, 2015):

HDFC BANK:

HDFC Bank closed the week on absolutely flat note.

As we have mentioned last week that support for the stock lies in the range of 1020 to 1030. If the stock drifts below the levels of 1020 the stock can move to the 1000 levels. During the week the stock manages to hit a low of 1019 and bounce to close the week around the levels of 1051.

The stock has been facing stiff resistance in the zone of 1055 to 1060. If the stock manages to move above the levels of 1060 on closing basis the stock can move to the levels of 1100.

Support for the stock lies in the zone of 1020 to 1030 where 200 Daily SMA is lying. If the stock breaks below the levels of 1020 on closing basis then the stock can drift to the levels of 980 to 1000.

Broad range for the stock in the coming week can be 1010 – 1030 on lower side to 1060 – 1080 on upper side.