EquityPandit’s Outlook for HDFC Bank for week (July 20, 2015 – July 24, 2015):
HDFC Bank closed the week on positive note gaining around 2%.
During the week the stock hit a 52 Week High of 1120 levels.
The stock is moving into the channel pattern since May 2015 and the stock is approaching towards the upper end of the channel which is positioned around the levels of 1125 to 1135.
So coming week we expect the stock to consolidate in the range of 1080 to 1130 levels.
Resistance for the stock lies in the range of 1130 to 1150.
Support for the stock lies in the range of 1070 to 1090 where short term moving averages are positioned.
Broad range for the stock in the coming week can be 1060 – 1080 on lower side to 1130 – 1150 on upper side.