Indian equity markets opened sharply higher on Friday, reflecting positive sentiment from easing Middle Eastern tensions and falling crude oil prices. According to LiveMint, the Nifty 50 advanced 1.08% to 23,412.55, while the BSE Sensex gained 1.19% to 74,709.27. The rally came after US President Donald Trump called off planned military strikes against Iran, citing progress in ongoing diplomatic negotiations. All 16 major sectoral indices traded in the green, with broader markets participating strongly as the Nifty Midcap and Smallcap indices rose 1.3% and 1.4% respectively. The positive sentiment was broad-based, supported by falling crude oil prices with Brent crude futures declining to nearly a two-month low of around $89 per barrel, easing concerns over inflation and energy costs.
Allied Blenders and Distillers Limited triggers a decisive bullish breakout above its key horizontal resistance zone at ₹596 on a closing basis with heavy volume, as reported by LiveMint. The stock decisively surpassed the multiple resistance zone with the daily Bollinger Band buy signal indicating increased participation. Allied Blenders is well positioned above its 20-, 50-, 100-, and 200-day simple moving averages, with these averages inching up alongside the price rise, which further confirms the bullish trend. The daily, weekly and monthly Relative Strength Index (RSI) remains in favourable territory, indicating rising strength across all timeframes. Investors should consider buying, holding, and accumulating this stock with an expected upside of ₹650-680 and downside support at ₹570-590 levels.
JB Chemicals and Pharma displays a robust bullish continuation structure, breaking cleanly above its intermediate resistance zone near ₹2,230 to close at ₹2,252.70, according to The Economic Times. This strong price action is supported by expanding volume on up-days, confirming solid buying interest. The stock continues to trade comfortably above all its short- and long-term EMAs, which are in a perfect bullish alignment. With the RSI rising steadily above 60, upward momentum remains intact. Virat Jagad recommends the stock with a buy rating, current market price of ₹2,252.70, stop-loss at ₹2,180, and target of ₹2,400.
The technical recommendations come from multiple experts, with Rajesh Palviya, SVP - Technical and Derivatives Research at Axis Securities, providing additional insights on market momentum. As reported by LiveMint, the Nifty 50 continues to trend down forming a lower-tops-and-bottoms pattern, currently sustaining below its 20-, 50-, 100-, and 200-day SMAs. The daily RSI strength indicator remains in negative territory, indicating a loss of strength. Despite the broader market consolidation, both Allied Blenders and JB Chemicals demonstrate robust institutional interest and positive technical alignment across multiple timeframes, supported by strong volume participation and favorable RSI indicators. The market is expected to extend its bullish momentum further, given the improving technical indicators and strong market breadth with about 2,518 shares witnessing buying interest compared to 481 declining shares on the NSE.
