EquityPandit’s Outlook for HDFC Bank for week (August 03, 2015 – August 07, 2015):
HDFC Bank closed the week on absolutely flat note.
As we have suggested last week that we expect the stock to consolidate in the range of 1080 to 1130 levels and the stock moved between 1070 on downside to 1121 on upside during the week.
Since last 2 weeks the stock has been consolidating in this range and forming Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the stock.
So coming week if the stock manages to close above the levels of 1120 the stock can move to the levels of 1140 to 1150 where upper end of the channel is positioned.
If the stock breaks below the levels of 1080 the stock can drift to the levels of 1060.
Support for the stock lies in the range of 1080 to 1100 where short term moving averages are positioned.
Broad range for the stock in the coming week can be 1070 – 1090 on lower side to 1140 – 1160 on upper side.