EquityPandit’s Outlook for HDFC Bank for the week (April 22,2019 – April 26,2019):
HDFC Bank Ltd.
BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS
Stock closed the week on positive note gaining+2.12%
Week High: 2,304.75
Week Low: 2,242.70
Week Range: 62.05 Points
Technically on the daily charts EquitPandit’s analyst see minor support on the downside for HDFCBANK at 2280- 2270 levels, whereas minor resistance on the upside is capped around 2320- 2330 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 2230- 2240 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 2370- 2380
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 2370- 2380 on upside & 2230- 2240 on downside.