HDFC Bank Outlook for the Week (Sept 21,2020 – Sept 25,2020)


For the Week: (Sept 21,2020 – Sept 25,2020)

HDFCBANK

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

HDFC Bank Share Price: 1057.30 (NSE)

HDFC Bank closed the Week on negative note losing 1.98%

Weekly High: 1096.00

Weekly Low: 1047.20

Weekly Range: 48.80 Points

Weekly Support & Resistance For HDFC Bank:

RESISTANCE 2 1115
RESISTANCE 1 1086
SUPPORT 1 1037
SUPPORT 2 1017

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1037 levels, Minor resistance on the upside is capped around 1086 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 @ 1017 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 @ 1115

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. . EquityPandit’s Predicts Range for the Weekly as 1115 on upside and 1017 on downside.

The present structure shows that HDFC BANK share price closed below trend line break out .As long as it remains below the same, weakness can be seen towards 1020 levels. The daily MACD is bearish and it trades below the signal line. Bearish Engulfing pattern appeared on daily chart.