EquityPandit’s Outlook for HDFC Bank for the week (November 07, 2016 – November 11, 2016) :

HDFC BANK:

HDFC Bank closed the week on negative note losing around 0.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 1250 to 1255. Support for the stock lies in the zone of 1220 to 1230 where the stock has made a bottom in the month of August – 2016 and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1200 from where the stock broke out of the tops formed in May – 2016 and June – 2016. During the week the stock manages to hit a low of 1232 and close the week around the levels of 1244.

Support for the stock lies in the zone of 1220 to 1230 where the stock has made a bottom in the month of August – 2016 and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1200 from where the stock broke out of the tops formed in May – 2016 and June – 2016.

Resistance for the index lies in the zone of 1260 to 1270 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 1320 where the stock has made a top in the month of September – 2016.

Broad range for the stock in the coming week can be 1220 on lower side to 1270 on upper side.