EquityPandit’s Outlook for HDFC Bank for the week (November 21, 2016 – November 25, 2016) :

HDFC BANK:

HDFC Bank closed the week on negative note losing around 5.00%.

As we have mentioned last week that resistance for the index lies in the zone of 1280 to 1300 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. During the week the stock manages to hit a high of 1289 and close the week around the levels of 1211.

Support for the stock lies in the zone of 1200 from where the stock broke out of the tops formed in May – 2016 and June – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 1150 to 1160 where the stock has taken support in the month of May-2016 and June-2016 and 200 Daily SMA is lying around these levels.

Minor resistance for the stock lies in the zone of 1220. Resistance for the stock lies in the zone of 1240 to 1250 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1280 to 1300 where the stock has formed a short term top.

Broad range for the stock in the coming week can be 1160 on lower side to 1250 on upper side.