F&O stocks to buy today: Tata Steel, SBI among top 9 trading ideas for 22 February 2024

Indian market is likely to trade higher on Thursday tracking positive global cues.

The Nifty50 experienced a sharp correction on Wednesday, but it managed to hold on to the 22000 level towards the close of the trade.

The market may go sideways after a sharp rise and that may be considered as healthy from the long run perspective, suggest experts.

“Technically, a bearish engulfing pattern emerged on Nifty in the previous trading session, signalling short-term weakness,” Om Mehra, Technical Analyst, SAMCO Securities, said.

The RSI weakened, slipping from 63 to 58 levels. However, the index remains above its 20-Days SMA. The immediate support levels are identified at 21,900 and 21,850 levels with resistance positioned at 22,220.

“The overall outlook suggests short-term weakness or possible consolidation in the upcoming trading sessions,” highlights Mehra.

A close below the crucial psychological support of 22000 on Thursday could trigger further weakness while on the upside the immediate resistance is placed at 22,160.

“The Nifty has formed a bearish engulfing pattern on the daily chart, indicating a potential pause in the ongoing rally. The momentum indicator RSI is showing a bearish crossover, signaling weakness in the near term,” Rupak De, Senior Technical Analyst, LKP Securities, said.

“Immediate support is positioned at 22,000; a decisive drop below this level could lead the index towards 21,700. On the upside, resistance is identified at 22,160,” he said.

We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:

Expert: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau

D-Mart: Buy| Target Rs 4000| Stop Loss Rs 3710

SBI: Buy| Target Rs 800| Stop Loss Rs 754

Tata Steel: Buy| Target Rs 151| Stop Loss Rs 140

Expert: Kunal Bothra, Market Expert told ETNow

Havells India: Buy| Target Rs 1440| Stop Loss Rs 1390

Nestle India: Buy| Target Rs 2600| Stop Loss Rs 2500

PI Industries: Buy| Target Rs 3800| Stop Loss Rs 3630

Expert: Nooresh Merani, an independent technical analyst told ETNow

HDFC Bank: Buy| Target Rs 1500| Stop Loss Rs 1420

Grasim Industries: Buy| Target Rs 2400| Stop Loss Rs 2150

Sunteck Realty Ltd: Buy| Target Rs 600| Stop Loss Rs 460

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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