EquityPandit’s Outlook for HDFC Bank for the week (August 17, 2015 – August 21, 2015):
HDFC Bank closed the week on positive note gaining around 1%.
As we have mentioned last week that if the stock breaks below the levels of 1080 the stock can drift to the levels of 1065 where 50 Daily EMA is positioned and the stock hit a low of 1066 during the week and close the week around the levels of 1102.
Since last 3 weeks the stock has been consolidating in this range 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.
Support for the stock lies in the range of 1080 to 1090 where short term moving averages are positioned.
Broad range for the stock in the coming week can be 1070 – 1090 on lower side to 1120 – 1140 on upper side.