BEL Powers Nifty 50 As Defense Stocks Gain; SEBI RA Orchid Research Sets ₹365 Target

Indian defense stocks rallied sharply today, with BEL emerging as the top contributor to the Nifty 50. Orchid Research flagged a breakout with strong volumes and momentum, setting a near-term target of ₹365.
Indian Air Force's Rafale aircrafts fly past in Vajraang formation during the Republic Day Parade 2025 at Kartavya Path in New Delhi, India, on Sunday, January 26, 2025. (Photo by Ajay Aggarwal/Hindustan Times via Getty Images)
Indian Air Force's Rafale aircrafts fly past in Vajraang formation during the Republic Day Parade 2025 at Kartavya Path in New Delhi, India, on Sunday, January 26, 2025. (Photo by Ajay Aggarwal/Hindustan Times via Getty Images)
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Preeti Ayyathurai·Stocktwits
Updated Jul 02, 2025 | 8:31 PM GMT-04
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Indian defense stocks were in the spotlight today as investor interest surged across the sector. 

Bharat Electronics (BEL) emerged as the strongest performer, topping the Nifty 50 charts with a sharp rally driven by strong technical signals and broader optimism around defense spending.

According to Orchid Research, BEL broke out of a long-term consolidation range with significant volumes, forming a strong green candle on the charts. 

The breakout was backed by positive momentum indicators, including the Average Directional Index (ADX), reinforcing the stock’s bullish structure.

They set a short-term target of ₹365 for BEL, with a stop loss at ₹318, suggesting further upside could be in store.

The rally in defense counters came amid expectations of increased government focus on the defense sector.

India and Pakistan announced a ceasefire on Saturday, ceasing border military actions. 

This followed heightened tensions after India's Operation Sindoor on May 7, which targeted alleged terrorist sites in Pakistan in response to a prior attack in Pahalgam.

Stocks like Bharat Dynamics (+7%), Zen Technologies (+5%), HAL (+4%), and Paras Defence (+3%) also saw upward moves, reflecting positive sentiment across the board. 

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