EquityPandit’s Outlook for HDFC Bank for the week (Mar 18, 2019 – Mar 22, 2019) :
HDFC Bank Ltd.
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
Stock closed the week on positive note gaining +5.85%
Week High: 2251.50
Week Low: 2127.60
Week Range: 123.90 Points
Heavyweight stock last week hits all-time highs dragging banknifty index towards all-time highs, stock breaks the resistance levels and closed above previous all-time highs of 2220, now these levels would act as immediate support for the stock. Now stock has opened the doors for upside levels of 2400- 2420. Technically on the daily charts EquitPandit’s analyst see minor support on the downside for HDFCBANK at 2150- 2160 levels, whereas minor resistance on the upside is capped around 2300- 2320 levels.
If HDFCBANK breaches minor support on the downside and closes below it we may see fresh breakdown and stock may drag towards next major support levels lower side around 2090- 2100 if HDFCBANK breaches minor resistance levels on the upside and closes above it we may see fresh breakout and stock can head towards major resistance levels placed around 2400- 2420
Currently trend for the stock is bullish as stock trading above 200 days exponential moving averages. EquityPandit predicts HDFCBANK range for the week is seen from 2400-2420 on upside & 2090-2100 on downside.