There are a few pointer you can look at while choosing a F&O stock:
High liquidity: Since F&O contracts are short term in nature, it is best to enter contracts in stocks that are widely traded with high liquidity so that you can enter or exit positions easily without getting stuck.
Volatility: F&O contracts are not for long term investing but carry finite time frame. F&O trading is based on predicting future movement of a security. Higher the volatility in an instrument, higher the chances of making speculative returns.
NSE comes out with a list of stocks on F&O Ban List every day, ensure you do not trade in stocks that are part of banned list.