EquityPandit’s Outlook for HDFC Bank for the week (October 05, 2015 – October 09, 2015):
HDFC Bank closed the week on positive note gaining around 1.5%.
As we have mentioned last week that the stock has been facing stiff resistance in the zone of 1055 to 1060. If the stock manages to move above the levels of 1060 on closing basis the stock can move to the levels of 1100. During the week the stock manages to hit a high of 1077 levels.
Support for the stock lies in the zone of 1040 to 1050 where 100 & 200 Daily SMA is lying. If the stock breaks below the levels of 1030 on closing basis then the stock can drift to the levels of 980 to 1000.
Major resistance for the stock lies in the range of 1100 to 1120 so this week we expect the stock to move to the levels of 1100.
Broad range for the stock in the coming week can be 1030 – 1050 on lower side to 1100 – 1120 on upper side.