HDFC Bank Outlook for the Week Sept 28,2020 – Oct 01,2020)


For the Week: Sept 28,2020 – Oct 01,2020)

HDFCBANK

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

HDFC Bank Share Price: 1044.00 (NSE)

HDFC Bank closed the Week on negative note losing 1.26%

Weekly High: 1071.35

Weekly Low: 1025.00

Weekly Range: 46.35 Points

Weekly Support & Resistance For HDFC Bank:

RESISTANCE 2 1093
RESISTANCE 1 1068
SUPPORT 1 1022
SUPPORT 2 1000

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 1022 levels, Minor resistance on the upside is capped around 1068 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 @ 1000 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 @ 1093

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. . EquityPandit’s Predicts Range for the Weekly as 1093 on upside and 1000 on downside.

The present structure shows that HDFC BANK share price trending below trend line breakdown zone. A black body appeared on the candle. In short trend If price moves below 1030 levels we can see more weakness towards downside .