EquityPandit’s Outlook for HDFC Bank for the week (August 24, 2015 – August 28, 2015):
HDFC Bank closed the week on negative note losing around 4%.
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 and the stock hit a low of 1051 during the week and close the week around the levels of 1061.
The stock is approaching towards the support zone of 1040 to 1050 where trend-line support and 100 Daily SMA are positioned. If the stock breaks below the support zone the stock can move to the levels of 1020 where 200 Daily SMA is positioned.
Resistance for the stock lies in the zone of 1070 to 1090 where short term moving averages are positioned.
Broad range for the stock in the coming week can be 1030 – 1040 on lower side to 1080 – 1100 on upper side.