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