EquityPandit’s Outlook for HDFC Bank for week (July 06, 2015 – July 10, 2015):
HDFC Bank closed the week on positive note gaining around 3%.
As we have suggested that the stock has formed a Morning star pattern on weekly charts. The pattern is a bullish reversal signal after a downtrend and the stock is approaching towards the next resistance zone of 1080 where upward moving trend-line is positioned.
The stock hit a high of 1077 during the week.
The stock has formed a Bullish engulfing pattern on the daily charts.
Above the levels of 1080 we could see stock moving towards the upward sloping channel positioned around the levels of 1100.
Support for the stock lies in the range of 1030 to 1050 where trend-line and short term moving averages are positioned.
Broad range for the stock in the coming week can be 1030 – 1050 on lower side to 1080 – 1100 on upper side.