EquityPandit’s Outlook for HDFC Bank for the week (March 20, 2017 – March 24, 2017) :

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 1410 to 1420 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 1445 to 1450 where life time highs for the stock is lying. During the week the stock manages to hit a high of 1427 and close the week around the levels of 1426.

Minor support for the stock lies in the zone of 1405 to 1415. Support for the stock lies in the zone of 1370 to 1380 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of 1320 to 1330 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 1420 to 1425 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 1445 to 1450 where life time highs for the stock is lying.

Broad range for the stock in the coming week can be 1380 to 1390 on lower side & 1450 to 1460 on upper side.