In an exclusive market analysis, Dharmesh Shah of ICICI Securities has identified two powerhouse stocks that investors should keep on their radar for November 2025. The technical analysis expert has placed bullish bets on defense major Bharat Electronics Limited (BEL) and energy giant Indian Oil Corporation (IOC), citing strong chart patterns and favorable risk-reward ratios.
Why Bharat Electronics (BEL) is Shining Bright
According to Shah's technical assessment, BEL is displaying remarkable strength on the charts. The stock has recently broken out of a consolidation phase, signaling the beginning of a fresh upward trajectory. "BEL has given a decisive breakout above the key resistance level of ₹280," Shah noted in his analysis.
The defense PSU has multiple growth catalysts working in its favor:
- Robust order book exceeding ₹75,000 crore
- Government's increased defense spending and 'Make in India' push
- Technological edge in electronic warfare systems and radar technology
- Export potential growing significantly in recent quarters
Indian Oil Corporation: Fueling Portfolio Growth
Shah's second pick, Indian Oil Corporation, presents an attractive opportunity in the energy space. The technical setup suggests the stock is poised for a meaningful upmove after undergoing a healthy correction.
"IOC has found strong support around the ₹145-150 zone and is now showing signs of accumulation," Shah explained. The energy behemoth benefits from several positive factors:
- Expanding refining margins due to global supply dynamics
- Massive network expansion across retail fuel stations
- Petrochemical integration enhancing profitability
- Clean energy initiatives including hydrogen and EV infrastructure
Market Outlook and Strategy
Shah maintains a constructive view on the Indian equity markets, expecting the benchmark indices to continue their upward journey with intermittent corrections. "The structural bull market remains intact, and quality stocks like BEL and IOC offer excellent entry points at current levels," he emphasized.
For risk management, Shah recommends implementing strict stop-losses and adopting a phased buying approach rather than lump-sum investments. Both stocks, according to his analysis, offer favorable risk-reward setups with clearly defined support levels.
Disclaimer: This analysis is based on technical parameters and market conditions as of November 2025. Investors should consult their financial advisors before making any investment decisions.
