EquityPandit’s Outlook for HDFC Bank for the week (June 27, 2016 – July01, 2016):
HDFC Bank closed the week on negative note losing around 0.70%.
As we have mentioned last week that the stock has broken out of multi month consolidation and virtually no resistance lies. Resistance for the stock lies in the zone of 1200. During the week the stock manages to hit a high of 1192 and close the week around the levels of 1162.
Minor support for the stock lies in the zone of 1140. Support for the stock lies in the zone of 1120 to 1130 where trend-line joining earlier highs is lying. If the stock manages to close below these levels then the stock can drift to the levels of 1050 to 1060 where 100 & 200 Daily SMA is lying.
Resistance for the stock lies in the zone of 1190 to 1200 where the stock has formed a double top. If the stock manages to close above these levels then the stock can move to the levels of 1250.
Broad range for the stock in the coming week can be 1130 on lower side to 1200 on upper side.