EquityPandit’s Outlook for HDFC Bank for the week (September 21, 2015 – September 25, 2015):
HDFC Bank closed the week on positive note gaining around 4%.
As we have mentioned last week that 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. The stock manages to hit a high of 1062 on 18/09/2015 and close the week around the levels of 1050.
Support for the stock lies in the range of 1020 to 1030. If the stock drifts below the levels of 1020 the stock can move to the 1000 levels.
Resistance for the stock lies in the zone of 1060 to 1080. If the stock manages to move above the levels of 1080 on closing basis the stock can move to the levels of 1120.
Broad range for the stock in the coming week can be 1010 – 1030 on lower side to 1060 – 1080 on upper side.