Nuvama's Expert Stock Recommendations for February 2026
Aakash K Hindocha, Deputy Vice President - WM Research at Nuvama Professional Clients Group, has identified three top stock picks for investors: Tata Motors Passenger Vehicles, Colgate-Palmolive (India), and JSW Steel. In addition to these recommendations, he provides a detailed technical outlook for the Nifty and Bank Nifty indices as of February 26, 2026, offering insights into potential market movements and key levels to watch.
Index View: Nifty and Bank Nifty Analysis
The Nifty index recently found support at its 200-day moving average (200-DMA) following a pressured trading session on Tuesday. After retracing from highs linked to trade deal announcements, the index tested the 200-DMA and is now forming a consolidation structure. Any rebound from current levels is likely to encounter resistance near the 25,700 zone. A decisive close above this level would be necessary to trigger fresh upside momentum. On the downside, the low of 25,325 from the previous session is expected to act as a strong near-term support. For the current weekly expiry, the index is anticipated to remain range-bound between 25,325 and 25,700 as markets progress through the final expiry month of the fiscal year.
Bank Nifty has continued to outperform the Nifty on a week-to-date basis, forming an inside bar pattern in Wednesday's session. Over the past five sessions, the index has closed above its previous day's low, reflecting underlying strength after three consecutive weekly closes at lifetime highs. On the short-term hourly chart, a minor breakdown has been signaled, but this can be negated if Bank Nifty sustains trade above 61,260 in today's session. A broader trading range is likely to develop, with 60,500 acting as support on the downside and 61,750 as resistance on the upside.
Detailed Stock Recommendations
Tata Motors Passenger Vehicles (BUY):
- Last Closing Price (LCP): 382
- Stop Loss: 368
- Target: 418
The stock has confirmed a constructive shift in structure after breaking above a falling trendline and flag formation on the daily chart, indicating a potential trend reversal. This breakout follows a phase of tight consolidation, suggesting healthy absorption rather than selling at lower levels. The price is now attempting to establish acceptance above the breakout zone, which could continue the upward trend.
Colgate-Palmolive (India) (BUY):
- Last Closing Price (LCP): 2270
- Stop Loss: 2180
- Target: 2450
Colgate-Palmolive has been in a corrective phase since the beginning of September 2024. From November 2024 to mid-February 2026, the correction evolved into a well-defined channel. A bullish trendline breakout was recorded during last week's trading in mid-February, followed by a continuation move on the upside. The stock has now registered its highest closing since November 2025, indicating improving momentum. While the 200-DMA near 2270 remains an immediate resistance, the broader chart structure and formation of higher lows suggest a higher probability of a breakout above this level. This setup is likely to deliver an 8–10% upside from current levels, with targets around 2450 and higher, as long as prices hold above the stop-loss zone near 2180.
JSW Steel (BUY):
- Last Closing Price (LCP): 1275
- Stop Loss: 1225
- Target: 1395
Steel stocks continue to benefit from supportive global cues and have been gradually trending higher across the board. JSW Steel has been a clear underperformer among its peers over the past three to four months but is now on the verge of recording its highest-ever weekly close on the charts. The prevailing momentum remains constructive and is likely to push prices further higher. The setup stays intact as long as the stock holds near last week's low of 1225, which acts as a near-term stop loss. Given the consistent formation of higher highs over the past two months, an additional upside of 8–10% cannot be ruled out.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
