EquityPandit’s Outlook for HDFC Bank for the week (February 01, 2016 – February 05, 2016):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 2.0%.

As we have mentioned last week that the resistance for the stock lies in the zone of 1050 to 1060 where 100 & 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 1085 to 1090 where the stock has made a top on 02/12/2015. During the week the stock manages to hit a high of 1055 and close around the highest levels.

Support for the stock lies in the zone of 980 to 1000 where channel support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 950 where 500 Daily SMA and 100 Weekly SMA are positioned.

The stock has closed around the strong resistance zone of 1050 to 1060 where 100 & 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 1085 to 1090 where the stock has made a top on 02/12/2015.

Broad range for the stock in the coming week can be 1020 – 1030 on lower side to 1065 – 1075 on upper side.