F&O Talk: Nifty’s break above 23,450 could push index to 23,650; Sudeep Shah picks Tech Mahindra, TCS strategy
Tech Mahindra secured new business in a quarterly results development.
· Economic Times Markets
SBI Securities’ Sudeep Shah sees scope for Nifty’s recovery if it holds 22,750, with IT, private banks and media leading. He flags key resistance levels, banking earnings, improving FII flows and continued large-cap outperformance, while warning that a durable reversal remains unconfirmed.
The analysis
Against that, the stock is +1.2% on the day at ₹1,790.80, and has returned +7.3% over three months. It is trading close to its 52-week high, so expectations were already elevated going in. The it sector has moved -3.1% over the same period, so Tech Mahindra is running 10.4 points ahead of its peers.
This is an Index / institutional flows event. Passive and institutional flows move price independently of fundamentals, and around rebalancing dates they dominate it. On the day the stock is +1.2%, so a modest reaction.
For Tech Mahindra, the question is how much of this is already reflected in the price and how much re-rates the it peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
- Sustained FII or DII direction moves the whole market, not just the names being bought — it sets the tape's tone.
Market context
- The 3 companies named span 2 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 2 of 3 are higher: Tech Mahindra leads at +1.2% and State Bank of India (SBI) trails at -1.0%.
- Over three months: Tech Mahindra +7.3% against IT -3.1% (10.4 points ahead); Tata Consultancy (TCS) +2.9% against IT -3.1% (6.0 points ahead); State Bank of India (SBI) -6.2% against Banks -6.0% (0.2 points behind).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Tech MahindraTECHM · IT | ₹1,790.80 | +1.2% | +17.5% | +7.3% | -2.4% | 0.7× | — |
| Tata Consultancy (TCS)TCS · IT | ₹2,502.60 | +1.0% | +22.0% | +2.9% | -24.7% | 0.5× | — |
| State Bank of India (SBI)SBIN · Banks | ₹961.85 | -1.0% | +0.2% | -6.2% | -21.7% | 0.9× | — |
IT
1M +5.2% · 3M -3.1%
Tech Mahindra, Tata Consultancy (TCS)
Banks
1M -3.4% · 3M -6.0%
State Bank of India (SBI)
Prices as of 30 Oct 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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