HDFC Bank Outlook for the Week (Dec 28,2020 – Jan 01,2021)


For the Week: (Dec 28,2020 – Jan 01,2021)

HDFCBANK

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

HDFC Bank Share Price: 1397.10(NSE)

HDFC Bank closed the Week on Negative Note Gaining 1.01%

Weekly High: 1423.85

Weekly Low: 1345.00

Weekly Range: 78.85 Points

Weekly Support & Resistance For HDFC Bank:

RESISTANCE 2 1468
RESISTANCE 1 1432
SUPPORT 1 1353
SUPPORT 2 1309

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1353 levels, Minor resistance on the upside is capped around 1432 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 @1309 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 @1468

Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. . EquityPandit’s Predicts Range for the Weekly as 1468 on upside and 1309 on downside.

On daily chart we can see HDFC BANK share price formed a Double Bottom pattern. For further up move stock need to close above 1410 level. For the near term, the zone of 1360-1358 has now become a temporary support for the stock.

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