EquityPandit’s Outlook for HDFC Bank for the week (July 16, 2018 – July 20, 2018) :
HDFC Bank closed the week on positive note gaining around 3.10%.
As we have mentioned last week, that resistance for the stock lies in the zone of 2140 to 2160 where the stock has formed a high in the month of May-2018 and June-2018. If the stock manages to close above these levels then the stock can move to the levels of 2200 to 2220. During the week the stock manages to hit a high of 2191 and close the week around the levels of 2181.
Minor support for the stock lies around 2140 to 2160. Support for the stock lies in the zone of 2080 to 2100 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of around 2030 to 2050 where Fibonacci levels and short term moving averages are lying.
Resistance for the stock lies in the zone of 2200 to 2220. If the stock manages to close above these levels then the stock can move to the levels of 2250 to 2270.
Broad range for the stock in the coming week can be 2140 to 2160 on lower side & 2220 to 2240 on upper side.