Stock market recommendations : Coforge , and ICICI Bank have been picked as the top stocks to buy for the November 2, 2026 week by Sudeep Shah, Head - Technical Research and Derivatives, SBI Securities:




Stock recommendations:Coforge




COFORGE has given a horizontal trendline resistance breakout on the daily chart. The zone of 1985-2025 acted as a strong resistance for the stock multiple times since December 2024. The stock trades well above its key short and long term moving averages on the daily and weekly chart. The RSI is in a rising mode, indicating healthy bullish momentum.




The ADX has gradually started to move higher on the weekly chart, reflecting bullish trend strength. The ratio line in COFORGE/NIFTY ratio chart is in a rising mode, indicating strong outperformance relative to the benchmark Index. Hence, we recommend accumulating the stock in the zone of 2030-2050 with a stoploss of 1990. On the upside, it is likely to test the level of 2175 in the short term.



ICICI Bank




ICICIBANK staged a strong rebound from the low of 1305 made on 29th September, rising around 9% till the high of 1412 made on 19th October. Since then, the stock has gone sideways trading in a tight range. During this consolidation, the stock tested its 38.2% Fibonacci retracement of its prior up move (1305-1412) and witnessed a recovery, reclaiming its key moving averages in the process.




The ADX has started to gradually move higher, indicating buildup of bullish trend strength. The rising MACD slope further reinforces bullish bias. Hence, we recommend to accumulate the stock in the zone of 1390-1405 with a stoploss of 1345. On the upside, it is likely to test the level of 1500 in the short term.



Nifty View




In the month of October, the benchmark index Nifty has traded in a narrow range of 731 points. However, in the narrow range, the index has witnessed a high volatility throughout the month and ended the month above the 23000 mark. On a monthly scale, it has formed a small body candle with shadows on either side, which indicates indecisiveness. The formation of this candle is formed after the strong bearish candle on a monthly scale and it is formed near crucial support of the upward sloping trendline.




This clearly indicates the selling pressure in the index has reduced significantly and the index is forming a base near crucial support. Coming to the lower timeframe, the index has surged above its 20-day EMA level. The 20-day EMA started edging higher. The falling slope of 50 and 100-day EMA has slowed down significantly. The daily RSI is quoting above the 50 mark and it is on a rising trajectory.




Hence, we believe, the index is likely to continue its pullback rally in the next couple of trading sessions. Talking about crucial levels, the zone of 22800-22750 will act as important support for the index. While, on the upside, the 50-day EMA zone of 23150-23200 will act as an immediate hurdle for the index. Any sustainable move above 23200 will lead to extension of pullback rally up to the 23500 level.



Bank Nifty View




Last week, the banking benchmark index Bank Nifty has taken a support near its prior swing low and thereafter witnessed a pullback. Finally, it has ended the week near 54700 level with a gain of 0.74%. It has underperformed frontline indices and formed a high wave like candle, which shows indecisiveness.




On a daily chart, the index is still trading below its short and long-term moving averages. These averages are in falling mode. While, the momentum indicators and oscillators are suggesting sideways momentum.




Going ahead, the zone of 55000-55200 will act as an important hurdle for the index. Any sustainable move above 55200 will lead to extension of pullback rally upto the 56000, followed by 56700 level in the short term. On the downside, the zone of 54100-54000 will act as important support for the index.



(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)