EquityPandit’s Outlook for HDFC Bank for the week (November 16, 2015 – November 20, 2015):

HDFC BANK:

HDFC Bank closed the week on negative note losing around 2.7%.

As we have mentioned last week that support for the stock lies in the zone of 1050 to 1070 where 100 & 200 Daily SMA are positioned. If the stock closes below this strong support zone then the stock can drift to the levels of 970 where channel support for the stock is positioned. During the week the stock manages to hit a low of 1041 and close the week around the levels of 1052.

Stock is trading around the strong support zone of 1050 where 200 Daily SMA is positioned. If the stock manages to close below this levels then the stock can drift to the levels of 970 where channel support for the stock is positioned.

Major resistance for the stock lies in the range of 1070 where 100 Daily SMA is positioned. If the stock manages to close above this levels then the stock can move to the levels of 1100 to 1120 where all time high for the stock is lying.

Broad range for the stock in the coming week can be 1030 – 1040 on lower side to 1070 – 1090 on upper side.