Stock market recommendations: ICICI Lombard General Insurance, and Nykaa are the top stocks that Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities has picked for buying for the October 12, 2026 week. Let’s take a look at his rationale and views on Nifty and Bank Nifty:
Stock recommendations:
ICICI Lombard General InsuranceICICIGI witnessed a strong rebound of nearly 19% since the low of 1423 made on 15th September. The bounce coincided with the June 2024 major support zone of 1480-1420. The RSI is in a rising mode and has rebounded sharply from 16 to 67, indicating renewed bullish momentum.The MACD line crossed over the zero line with rising green histogram bars, reinforcing strong bullish bias. The ADX has started to rise gradually on the weekly timeframe, indicating bullish trend strength. Additionally, the DI lines have started to widen with DI+ placed significantly above the DI- in the ADX indicator, reflecting strong control of bulls over the bears.Hence, we recommend to accumulate the stock in the zone of 1670-1690 with a stoploss of 1620. On the upside, it is likely to test the level of 1810 in the short term.NYKAANYKAA has been consolidating in a 350-316 range since early July 2026. Despite the consolidation, the stock trades above key moving averages on both the daily and weekly timeframe. The MACD line has crossed over the zero line, indicating that the momentum is quietly building on the bullish side.Last week, the stock hit its 20-week EMA and saw strong buying interest, keeping the broad bullish bias intact. Likewise, the 34-day EMA has acted as a strong support for the stock, with the bulls defending this zone strongly over the last two days. The stock is witnessing a healthy profit booking phase post a sharp up move and the indicated alignment and price action suggests that the stock is likely to breakout and continue its up move in the near term.Hence, we recommend to accumulate the stock in the zone of 337-343 with a stoploss of 328. On the upside, it is likely to test the level of 365 in the short term.Nifty ViewThe benchmark index Nifty has ended its 8-week losing streak, which was the longest weekly losing streak since 2001. It ended the week with a minor gain of 0.44% and formed a Doji candle. Further, on a daily scale, it has formed a Bullish Harami Candlestick pattern. Most noteworthy, the formation of patterns is crucial as these patterns formed near the crucial support level, which was defined by 200-week EMA and upward sloping trendline support of rising channels.However, these formations required a follow up move in the next couple of trading sessions to confirm the reversal. Despite the pullback, the index is still trading below its crucial moving averages. The momentum indicators and oscillators are portraying sideways pictures for now. The daily RSI and Stochastic has given a bullish crossover, which indicates limited downside for now.Going ahead, the zone of 22250-22200 will act as important support for the index. If the index slips below 22200, then it is likely to resume its downward journey. On the upside, the zone of 22750-22800 will act as a crucial hurdle for the index. Any sustainable move above 22800 will lead to extension of 23100, followed by 23300 level in the short term.Bank Nifty ViewLast week, the banking benchmark index outperformed frontline indices as it ended the week with a gain of 1.45%. However, it has traded in a narrow range of 1048 points, which was the lowest weekly range since last week of August. On a weekly scale, it has formed a small body candle with shadows on either side.The ratio chart of the index as compared to Nifty is marking the sequence of higher tops and higher bottoms, which indicates strong outperformance.However, the index is trading below its crucial moving averages. While, the momentum indicators and oscillators are suggesting sideways momentum. The daily RSI is quoting at 45 level and it is in rising mode. The daily MACD has given a bullish crossover. This indicates limited downside for now.Going ahead, the zone of 55900-56000 will act as a crucial hurdle for the index. Any sustainable move above 56000 will lead to extension of pullback rally up to the level of 57000, followed by 57600 in the short term. On the downside, the zone of 54400-54300 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.)
