In the previous session, market had a corrective move with a negative bias throughout the day. The Nifty index opened on a positive note but soon slipped into negative territory. No recovery was seen in the market today. The Index formed a Bearish candle on the chart and closed with a net loss of 36 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 Monday, November 21, 2022’ before the market opens.

Honeywell Automation India Ltd

In the last trading day, HONAUT share prices formed a bullish candle on the chart and closed with a net gain of 2%. On the daily chart, we can see that prices have formed a ‘Double Bottom pattern’ and are currently placed near the Neckline resistance zone. 41100 level has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum but didn’t close above the break out zone. The Relative Strength Index (RSI) on the daily chart is 60, indicating bullishness.

In short, the trend for HONAUT looks to be positive for now. Positions can be created only above 41100 levels, which can take prices towards 43337 levels. If the price will sustain above 43300 levels, then we will review this stock again.

Check More Analysis on HONAUT at: Honeywell Automation India Ltd