Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying SBI shares today- 29 September 2025

Stock market today: India's stock market indices opened relatively unchanged on Monday following their largest weekly decline in almost seven months, with attention now turning toward the central bank’s policy announcement.

As of 9:20 IST, the Nifty 50 rose by 0.08% to 24,675.3, while the BSE Sensex slightly increased by 0.06% to 80,461.08.

Both indices experienced a 2.7% drop last week, marking losses for six consecutive sessions as a rise in H-1B visa rates and high tariffs on branded pharmaceuticals negatively impacted market sentiment and intensified foreign selling.

The Reserve Bank of India is expected to reveal its policy decision on Wednesday, with investors keenly anticipating insights regarding growth, inflation, and interest rates.

Market Outlook by Dharmesh Shah, Vice President, ICICI Securities

Nifty 50 snapped three-weeks winning streak as worries related to product specific tariff resurfaced. In addition to that, weakness in Rupee as well as FII's constant sell off weighed on the sentiment.

Nifty 50 declined 2.7% to settle the week at 24,655. Broader market bore the brunt of benchmark's sell-off, as Nifty midcap, smallcap dropped ~5%, each. All major sectors ended in red dragged by IT, Pharma, Realty. The weekly price action formed bear candle carrying lower high-low, indicating pause in upward momentum after three weeks of up move. The breach of last week’s low of 25,050 resulted into increased selling pressure that dragged Nifty 50 below 24,700 mark.

We believe, the last weeks profit booking is more of retracement of past three weeks >1000 points up move, which will make the market more healthy. In the upcoming truncated week, we expect Nifty 50 to consolidate amid stock specific action wherein strong support is placed in the range of 24,400-24,200 zone. Meanwhile, on the upside immediate resistance is placed at 25,300.

Key point to highlight is that, since April 2025 lows of 21,743 Nifty 50 has rallied 18% within which there have been seven instances wherein intermediate corrections arrested within 3-5% range. In current scenario as well, we expect Nifty 50 to maintain the same rhythm by arresting intermediate correction within 5%, value for the same is placed at 24,200.

On the structural front, we believe, current consolidation phase presents opportunities to accumulate quality stocks backed by strong earnings, particularly those positioned to benefit from next-generation GST reforms and upcoming festive season.

Stocks To Buy This Week - Dharmesh Shah

Dharmesh Shah of ICICI Securities recommends buying State Bank of India (SBI).

Buy SBI shares in the range of ₹835-857. He has SBI share price target of ₹950 with a stop loss of ₹787.

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 26/09/2025 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.