In the previous session, market had a corrective move with a negative bias throughout the day. The Nifty opened on a negative note and remained in a negative territory throughout the day. No major recovery was seen from lows throughout the session. Technically, the Nifty Index formed a Bearish candle on the daily chart indicating further selling pressure on market .Hence a cautious approach is advisable for next trading session.

 Look at the below research report of ‘Stocks to Buy for Tuesday, November 22, 2022’ before the market opens.

Indian Oil Corporation Ltd.

The pattern analysis shows that the IOC 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 ‘Bullish Pennant Pattern’. It is a continuation chart pattern, in which we can see that upward price action. In Addition, stock is above the Ichnimoku Cloud on the chart which indicates short term bullishness . Relative Strength Index (RSI) on the daily chart is 61.

In short, IOC looks to be positive for the short-term view. One can initiate a buy near current price for an upside target of 73/75.This outlook remains valid as long as 68 is protected on downside.

Check More Analysis on IOC at: Indian Oil Corporation Ltd