EquityPandit’s Outlook for HDFC Bank for the week (May 4, 2020 – May 8, 2020):

HDFC BANK:

As we have seen Nifty and Bank Nifty headed towards higher levels in the April series, HDFCBANK is one of the Index heavy weight and we have seen buying from the March month lows and stock recently broke its Strong Resistance levels of 965 and closed above it.

Till Stock is trading above 965 levels we are bullish on the counter once it closes below 965 we may see  correction in the stock and it may head towards lower levels and break its trend line support levels as shown in the chart above, Support for the stock lies at 940 levels.

We expect profit booking in the counter next week as overall market looks over bought and over stretched, Also on Friday Singapore Nifty Closed with loosing -550 Points.  So bias for the counter for the next week will be bearish.