EquityPandit’s Outlook for HDFC Bank for the week (September 07, 2015 – September 11, 2015):
HDFC Bank closed the week on negative note losing around 3%.
As we have mentioned last week that 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 and the stock hit a low of 980 and closed the week around the levels of 996.
If the stock manages to close above the levels of 1015 where 200 Daily SMA is positioned then the stock can move to the level of 1040 where 100 Daily SMA is lying.
If the stock breaks below the levels of 980 the stock can drifts to the levels of 960 where channel support for the stock is lying.
Broad range for the stock in the coming week can be 950 – 970 on lower side to 1020 – 1040 on upper side.