EquityPandit’s Outlook for HDFC Bank for the week (March 06, 2017 – March 10, 2017) :

HDFC BANK:

HDFC Bank closed the week on negative note losing around 1.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 1390 to 1400 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1420 to 1425. During the week the stock manages to hit a high of 1398 and close the week around the levels of 1377.

Minor support for the stock lies in the zone of 1360 to 1370. Support for the stock lies in the zone of 1330 to 1350 where the stock has generated a gap on gap up opening. If the stock manages to close below these levels then the stock can drift to the levels of 1300 to 1320 from where the stock broke out from the September-2016 highs and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 1390 to 1400 from where the stock broke down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 1420 to 1425.

Broad range for the stock in the coming week can be 1330 to 1340 on lower side & 1400 to 1410 on upper side.