EquityPandit’s Outlook for HDFC Bank for the week (September 14, 2015 – September 18, 2015):
HDFC Bank closed the week on positive note gaining more than 1%.
As we have mentioned last week that if the stock drifts below the levels of 980, the stock can correct to the levels of 960 where channel support for the stock is lying and the stock hit a low of 977 and closed the week around the levels of 1010.
During the week the stock was seen moving in the range of 980 on downside to 1020 on upside. A breakout on either side can move the stock further 2% to 3% in that direction.
If the stock manages to close above the levels of 1020 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 970 – 980 on lower side to 1030 – 1040 on upper side.