Shares to purchase or promote: Dharmesh Shah of ICICI Sec suggests shopping for BEL, IOC shares on 3 November 2025

Inventory market information: The Indian inventory market closed on a unfavourable notice on Friday, with Nifty 50 dropping by 156 factors and Sensex falling by almost 466 factors. The downturn was primarily attributable to ongoing promoting stress amid cautious international indicators.

Markets remained tepid following a small charge discount by the U.S. Federal Reserve, which indicated a possible pause in further charge cuts for the rest of the yr, creating uncertainty relating to liquidity and overseas fund inflows. Important sectors similar to healthcare, monetary companies, and prescribed drugs skilled marked declines.

As per specialists, an important remark from Friday’s market efficiency was the continued cautious method amongst buyers, regardless of constructive earnings projections for the upcoming quarters. International Institutional Buyers (FIIs) exhibited warning leading to outflows, highlighting worries about international macroeconomic circumstances and rate of interest developments within the U.S. Furthermore, sector-specific challenges in monetary companies and healthcare impacted total market efficiency.

Market Outlook by Dharmesh Shah, Vice President, ICICI Securities

Nifty 50 concluded eventful week on a flat notice at 25,722 amid elevated volatility monitoring tariff growth. Midcaps outshone benchmark by gaining 1% lead by PUS Banks, Oil & Gasoline and Metallic shares. The weekly value motion fashioned a small bear candle with lengthy higher shadow, highlighting revenue reserving at greater ranges.

The index has undergone wholesome consolidation over second consecutive week as revenue reserving in just lately rallied massive caps, resulted into breather at psychological mark of 26,000 amid overbought situation monitoring previous 4 weeks >1,500 factors rally. In the meantime midcaps regained momentum with improved market breadth

We imagine, present breather provides incremental shopping for alternative to experience subsequent leg of up transfer in direction of All Time excessive of 26,300 within the coming month. The continuing consolidation (26,100-26,700) is part of the prevailing structural up development. Therefore, focus must be on accumulating high quality shares on dips backed by robust earnings as key assist is positioned at 25,400 being 50% retracement of current up transfer coupled with one yr downward sloping development line breakout space at 25,400.

Whereas sectors like non-public banks, auto, IT have paused for a breather, momentum is shifting in direction of, Metallic, PSU Banks, Oil & Gasoline. This sectoral rotation indicators a constructive baton change that might assist in sturdiness of ongoing uptrend amid international volatility, evolving tariff growth and ongoing earnings season.

Mirroring the Nifty 50, Midcap index resolved out of 1 yr downward slanting development line, indicating resumption of uptrend after one yr hiatus. Amidst ongoing consolidation, market breadth has seen enchancment as at present 62% shares of Nifty 500 are buying and selling above their 200 days EMA in comparison with one month rolling common of 56, indicating enchancment in broader market participation.

Key Monitorable:

a. Month-to-month Auto gross sales numbers

b. FII’s have turned constructive after three months sell-off. Continued shopping for spree would enhance market sentiment

c. Growth on India-US tariff negotiations

d. Development of Q2FY26 incomes season

e. On anticipated traces, Gold has taken a breather amid overbought circumstances. We anticipate gold to bear wholesome consolidation in $4400-$3700 vary

Shares To Purchase This Week – Dharmesh Shah

Dharmesh Shah of ICICI Securities recommends shopping for Bharat Electronics Ltd (BEL), and Indian Oil Company Ltd (IOC).

Purchase BEL shares within the vary of ₹414-426. He has BEL share value goal of ₹466 with a cease lack of ₹398.

Purchase IOC shares within the vary of ₹161-166. He has IOC share value goal of ₹179 with a cease lack of ₹154.

Disclaimer: The Analysis Analyst or his kin or I-Sec wouldn’t have precise/useful possession of 1% or extra securities of the topic firm, on the finish of 31/10/2025 or don’t have any different monetary curiosity and wouldn’t have any materials battle of curiosity.

The views and proposals supplied on this evaluation are these of particular person analysts or broking corporations, not Mint. We strongly advise buyers to seek the advice of with licensed specialists earlier than making any funding selections, as market circumstances can change quickly and particular person circumstances might range.