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News Topical, Digital Desk : After last week's sharp decline, the stock market saw a strong recovery from lower levels on February 16th. Market experts have recommended buying two stocks based on technical analysis. Independent market expert Abhishek Bhatt said that after today's rally, the market sentiment appears positive, but the advance-decline (1208 points higher vs. 1713 points lower) indicates that the rally is currently limited to a select few large stocks.
2 Stock Picks for February 17
HDFC Bank
Closing: ₹925.80 (+2.42%)
Technical View:
Strong support zone at 900–905 on the daily chart
Close above 20 DMA
RSI around 58–60, meaning it is not overbought yet
Strong support in Bank Nifty (60,949) is providing support.
Trade Setup:
Buy Zone: ₹920–930
Target 1: ₹945
Target 2: ₹960
Stop Loss: ₹905
If Bank Nifty opens strong, it may see follow-up buying.
Power Grid Corp
Closing: ₹300.50 (+4.63%)
Technical View:
Breakout above ₹295 resistance
Close with high volume
Higher High Formation on the Daily Chart
Trade Setup:
Buy on dips: ₹296–300
Target 1: ₹310
Target 2: ₹318
Stop Loss: ₹288
Defensive buying is seen in the power sector, hence entry on decline would be better.
stock market strategy for tomorrow
Nifty Support: 25,500
Resistance: 25,850–26,000
If Nifty stays above 25,500, the short-term rally could continue. However, the broader market is weak, so avoid overexposure.
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