EquityPandit’s Outlook for HDFC Bank for the week (October 19, 2015 – October 23, 2015):

HDFC BANK:

HDFC Bank closed the week on positive note gaining around 1.2%.

As we have mentioned last week that major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150. During the week the stock manages to hit a high of 1101 and virtually close at the highest point.

Support for the stock lies in the zone of 1040 to 1060 where 100 & 200 Daily SMA is lying. If the stock breaks below the levels of 1040 on closing basis then the stock can drift to the levels of 980 to 1000.

Major resistance for the stock lies in the range of 1100 to 1120 where all time high of the stock is lying. If the stock manages to close above the levels of 1120 then the stock can move to the levels of 1150.

Broad range for the stock in the coming week can be 1040 – 1060 on lower side to 1120 – 1130 on upper side.