Stock market today: The domestic stock market began the week with little change on Monday, maintaining its sideways trend as investors proceeded with caution ahead of significant domestic and international developments. In early trading, both major indices recorded slight increases.
The Nifty 50 index kicked off at 25,503.50, gaining 11.20 points or 0.04%, while the BSE Sensex opened at 83,350.35, up 134.07 points or 0.16%.
Though the opening was lackluster, analysts are optimistic that the market may experience some upward movement in the upcoming days, bolstered by upgrades from foreign brokerages and ongoing earnings reports.
Analysts suggest that the Bihar election exit polls, which are set to be announced after trading hours on November 11, will likely keep market positions conservative earlier in the week. The official election results will be revealed on November 14.
Market Outlook by Dharmesh Shah, Vice President, ICICI Securities
Equity benchmark continued with its downward trajectory tracking weak global cues amid concerns over AI sector valuations. Nifty 50 lost 0.8% to settle the truncated week at 25,500. Small caps bore the brunt, plunging 1.5% for the week. Sectorally, PSU Banks continued with its northbound journey while IT, Metal underperformed. The weekly price action formed a bear candle carrying lower high-low, highlighting pause in upward momentum.
Going ahead, volatility likely to remain high amid Bihar election outcome which would have bearing on market. Therefore, we expect index to consolidate in the broader range of 25,800-25,100 zone amid stock specific activity as we approach the fag end of the earning season.
Hence, focus should be on accumulating quality stock on dips backed by strong earnings as strong support is placed at 25,100 zone. Meanwhile, one should note that over past six sessions index has been forming lower high-low, hence to pause the ongoing downward momentum, Nifty 50 need to decisively close above previous sessions high. Further, sustainability above immediate hurdle of 25,800 would result into the revival in upward momentum that would open the door for move towards life high of 26,300 by December 2025.
Following observations makes us reiterate our positive stance:
- Past three weeks 800 points decline is more of a healthy retracement of October month’s 1,500 points rally. The slower pace of retracement reinforces the structural uptrend.
- While sailing through global volatility, Midcap index defied the benchmark move and managed to settle the week on a flat note, highlighting relative outperformance. Hence, focus should be on stocks with strong earnings.
- In contrast with Q1FY26 earnings, the lack of disappointment on earning front has provided cushion to the market that would pave the way for next leg of up move.
- Since 2000, November has given positive returns with 66% strike rate wherein average returns have been >2%.
- Sectorally, BFSI, Auto, Metal are expected to endure their northbound journey.
Key Monitorable:
a. Bihar Election outcome.
b. Development on India-US tariff negotiations.
c. U.S. Dollar Index: Once again Dollar index has retreated from upper band of four months consolidation placed at 100. Follow through weakness would be positive for emerging markets.
Stocks To Buy This Week – Dharmesh Shah
Dharmesh Shah of ICICI Securities recommends buying Bharat Electronics Ltd (BEL), and Union Bank of India.
Buy BEL shares in the range of ₹405-417. He has BEL share price target of ₹466 with a stop loss of ₹385.
Buy Union Bank of India shares in the range of ₹147-153. He has Union Bank of India share price target of ₹168 with a stop loss of ₹138.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 7/11/2025 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
