SBI Securities Analyst Recommends Ashoka Buildcon and Sobha, Shares Weekly Nifty & Bank Nifty Outlook

Sudeep Shah from SBI Securities analyzed the Indian stock market performance for the week starting November 3, 2025. Nifty experienced consolidation after a significant October rally, trading within a narrow range between 25,711 and 26,104. Global uncertainties and profit-taking capped upside momentum, despite optimism around a potential India-US trade deal. Technically, Nifty shows signs of slowing momentum, with support at 25,500-25,520 and resistance at 26,100-26,150. Bank Nifty also consolidated after hitting a record high, showing fatigue at current levels. Key support for Bank Nifty is around 57,500-57,600, with resistance at 58,400-58,500.

Shah recommended accumulating Ashoka Buildcon in the 206-201 zone with a target of 220 and a stop loss at 195. The stock has shown a strong breakout with rising volumes. Sobha is recommended for accumulation in the 1619-1610 zone with a target of 1730 and a stop loss at 1565, following a breakout above its consolidation range.

Impact: These recommendations could drive investor interest and trading activity in Ashoka Buildcon and Sobha, potentially leading to price appreciation if the targets are met. The market commentary provides valuable directional insights for traders and investors navigating the current consolidation phase.

Definitions: EMA (Exponential Moving Average): A type of moving average that places greater weight and significance on the most recent data points. RSI (Relative Strength Index): A momentum oscillator that measures the speed and change of price movements. It is calculated on a scale of 0 to 100. ADX (Average Directional Index): A technical indicator used to measure the strength of a trend. MACD (Moving Average Convergence Divergence): A trend-following momentum indicator that shows the relationship between two moving averages of a stock’s price. Shooting Star: A bearish reversal candlestick pattern that occurs after an uptrend. It has a small real body, a long upper shadow, and little to no lower shadow. Tweezer Top: A bearish reversal candlestick pattern that forms at the peak of an uptrend, indicating potential selling pressure. Bollinger Band: A technical analysis tool invented by John Bollinger that measures the volatility of a security and generates buy and sell signals. Fibonacci Retracement: A technical analysis method used to identify potential support and resistance levels by dividing the vertical distance between a price's high and low by the Fibonacci ratios. DI lines (Directional Indicator lines): Part of the Average Directional Index (ADX) calculation, specifically the Plus DI (+DI) and Minus DI (-DI) lines, which indicate the strength and direction of price movements. Impact Rating: 7