HDFC Bank Outlook for the Week (Dec 07,2020 – Dec 11,2020)


For the Week: (Dec 07,2020 – Dec 11,2020)

hdfcbank

BSE: 500180| NSE: HDFCBANK| ISIN: INE040A01026| SECTOR: BANKS

HDFC Bank Share Price: 1385.60(NSE)

HDFC Bank closed the Week on negative note losing 3.83%

Weekly High: 1449.00

Weekly Low: 1373.30

Weekly Range: 75.70 Points

Weekly Support & Resistance For HDFC Bank:

RESISTANCE 2 1478
RESISTANCE 1 1431
SUPPORT 1 1355
SUPPORT 2 1326

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1355 levels, Minor resistance on the upside is capped around 1431 levels.

If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 1326 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 1478

Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. . EquityPandit’s Predicts Range for the Weekly as 1478 on upside and 1326 on downside.

On daily chart we can see HDFC BANK share price are moving below Channel pattern break out. A bearish candle with a black body occurred on last trading sessions. Stock can take support from 1365 level.

In short, MSFL looks to be positive. Move towards 499 levels can be expected on upside. This outlook is valid as long as 420 remains protected on downside