EquityPandit’s Outlook for HDFC Bank for the week (October 12, 2015 – October 16, 2015):
HDFC Bank closed the week on positive note gaining around 1.7%.
As we have mentioned last week that the 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. During the week the stock hit a high of 1108 and traded in the tight range of 1075 on downside to 1100 on upside.
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 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150.
Broad range for the stock in the coming week can be 1040 – 1060 on lower side to 1120 – 1130 on upper side.