F&O stocks to buy today: RIL, ICICI Bank among top 7 trading ideas for 20 February 2024

F&O stocks to buy today: RIL, ICICI Bank among top 7 trading ideas for 20 February 2024

Indian market is likely to consolidate on Tuesday tracking mixed global cues.

The Nifty future closed positive with gains of 0.32% at 22167 levels on Monday. India VIX moved up by 5.22% from 15.22 to 16.02 levels. Volatility slightly rose but created momentum for the bulls.

Positive setup was seen in stocks like GMR Infra, MCX, Grasim, United Spirits, Granules, Container Corp, Voltas, Cipla, Zydus Life, Bharti Airtel, ICICI Bank, Cummins India, Dr Reddy’s, Coforge, Maruti and Indian Hotels.

On the options front, the maximum Call OI is placed at 22600 and then towards 22500 strikes while Maximum Put OI is placed at 22000 and then towards 21900 strikes.

Minor Call writing is seen at 22200 and then towards 22300 strikes while some Put writing is seen at 22000 and then towards 21900 strikes.“Options data suggests a broader trading range in between 21800 to 22500 zones while an immediate trading range in between 21950 to 22300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Doji kind of a candle on the daily scale on Monday with longer lower shadow indicating strong support-based buying,” he said.“Now the Nifty has to hold above 22000 zones, for an upside move towards 22222 then 22350 zones whereas supports are placed at 22000 then 21850 zones,” recommended Taparia.

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: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau

RIL: Buy| Target Rs 3080| Stop Loss Rs 2858

NTPC: Buy| Target Rs 370| Stop Loss Rs 322

Bank of Baroda: Buy| Target Rs 293| Stop Loss Rs 259

GAIL India: Buy| Target Rs 202| Stop Loss Rs 170

Expert: Nooresh Merani, an independent technical analyst told ETNow

ICICI Bank: Buy| Target Rs 1150| Stop Loss Rs 1020

Grasim: Buy| Target Rs 2400| Stop Loss Rs 2120

NOCIL: Buy| Target Rs 340| Stop Loss Rs 277

(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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