In the previous session, the market witnessed volatility throughout the day. The Nifty index opened on a flat note but abolished all its gain in the morning. Later, it recovered losses as the day progresses. In afternoon the market witnessed selling pressure again. On the technical note, the index formed a Doji candle on the chart and closed with a net gain of 6 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, November 17, 2022’ before the market opens.

Hindustan Aeronautics Ltd

The pattern analysis shows that the HAL has once again attempted to resume its up move and closed above the 20 EMA support with positive momentum. We can see that the price has formed a ‘V-Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after a sharp V shape recovery in the stock. A pullback was seen in the stock after a V bottom formation. In the previous session, Prices have formed a Bullish candle on the chart and closed above the neckline of the pattern. In addition, The Relative Strength Index (RSI) on the daily chart is 66 and it is moving above previous high.

The short-term trend for HAL looks to be positive for now. A pull back can be expected near 2620 levels. Use dips as a buying opportunity for a move towards 2750/2880 levels. For the near term, 20 EMA has now become a temporary immediate support for the stock.

Check More Analysis on HAL at: Hindustan Aeronautics Ltd