EquityPandit’s Outlook for HDFC Bank for the week (August 31, 2015 – September 04, 2015):
HDFC Bank closed the week on negative note losing around 3%.
As we have mentioned last week that 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. The stock hit a low of 1006 during the week and bounce to the levels of 1028.
If the stock manages to close above the levels of 1045 the stock can move to the level of 1060 to 1080 from where the stock broke down.
If the stock drifts below the levels of 1000, the stock can correct to the levels of 960 where channel support for the stock is lying.
Broad range for the stock in the coming week can be 980 – 1000 on lower side to 1070 – 1090 on upper side.