F&O Talk: Big break above 23,200 can open doors for 23,500 for Nifty; Sudeep Shah picks 6 stocks ahead of Diwali
State Bank of India secured new business.
· Economic Times Markets
Nifty could extend its recovery towards 23,500 if it decisively breaks above the 23,150–23,200 resistance zone, says SBI Securities' Sudeep Shah. He also shares his outlook on IT, midcap and smallcap indices, sector trends and six stocks, including TVS Motor, Coforge and ICICI Bank, ahead of Diwali.
The analysis
Against that, the stock is -1.0% on the day at ₹961.85, and has returned -6.2% over three months. It sits 22% below its 52-week high. The banks sector has moved -6.0% over the same period, so State Bank of India is running 0.2 points behind its peers.
For State Bank of India, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The 4 companies named span 3 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 2 of 4 are higher: Coforge leads at +4.2% and TVS Motor trails at -2.0%.
- Over three months: State Bank of India (SBI) -6.2% against Banks -6.0% (0.2 points behind); TVS Motor -0.3% against Auto -7.7% (7.4 points ahead); Coforge +17.1% against IT -3.1% (20.2 points ahead); ICICI Bank -2.5% against Banks -6.0% (3.5 points ahead).
- Trading well above normal today: Coforge at 2.3 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| State Bank of India (SBI)SBIN · Banks | ₹961.85 | -1.0% | +0.2% | -6.2% | -21.7% | 0.9× | — |
| TVS MotorTVSMOTOR · Auto | ₹4,195.20 | -2.0% | +2.2% | -0.3% | -6.1% | 1.1× | — |
| CoforgeCOFORGE · IT | ₹2,045.00 | +4.2% | +16.9% | +17.1% | 0.0% | 2.3× | — |
| ICICI BankICICIBANK · Banks | ₹1,398.00 | +0.8% | +5.8% | -2.5% | -4.4% | 0.9× | — |
Banks
1M -3.4% · 3M -6.0%
State Bank of India (SBI), ICICI Bank
Auto
1M -5.8% · 3M -7.7%
TVS Motor
IT
1M +5.2% · 3M -3.1%
Coforge
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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