Headline: Nifty Extends Rally as IT, Banking Stocks Drive Market Higher

Index Update: The Nifty 50 Index closed near 24,334.30, remaining above its 50-day SMA of 23,831.46, indicating that the medium-term technical structure continues to strengthen. Recent price action reflects the index extending its recovery and moving higher after a brief consolidation phase, while continuing to trade comfortably above its moving average. The 14-day RSI stood at 58.48, suggesting improving momentum with a positive bias, though still below overbought territory. Immediate support is placed near 24,210.00 and 24,090.00, while resistance is seen around 24,460.00 and 24,590.00. A sustained move beyond these levels could influence the index's next directional trend.

Macro Update: India 10-Year Yield: India's 10-year government bond yield hovered near 6.75%, remaining steady ahead of the auction of INR 320 billion in government securities. Stable crude oil prices and softer US Treasury yields supported sentiment, while continued foreign investor buying under the Fully Accessible Route helped offset concerns over higher inflation, rupee weakness, and geopolitical tensions.

Top Market Movers: On Friday, Tech Mahindra Ltd. (NSE:TECHM) led the gainers with a 4.14% increase, closing at INR 1,572.90 followed by Kotak Mahindra Bank Ltd. (NSE:KOTAKBANK) up 3.33% at INR 389.95 and Jio Financial Services Ltd. (NSE:JIOFIN) which rose 3.11% to INR 242.98. On the downside followed Hindalco Industries Ltd. (NSE:HINDALCO) saw the largest drop, falling 1.58% to INR 944.15 followed Dr. Reddy's Laboratories Ltd. (NSE:DRREDDY) down 1.08% to INR 1,211.20 and Wipro Ltd. (NSE:WIPRO)  which dropped 0.98% to INR 176.00.

Commodity Update: The U.S. dollar remained broadly steady on Friday but was set for a weekly decline after softer-than-expected U.S. inflation data reinforced expectations that the Federal Reserve may delay further interest rate increases. However, escalating military tensions between the United States and Iran continued to support demand for safe-haven assets and kept market sentiment cautious. Gold declined 0.21% to USD 3,987.65, silver dropped 1.53% to USD 55.33, copper eased 0.51% to USD 13,492.50, while Brent crude oil gained 0.80% to USD 84.88 on supply disruption concerns.

Our Stance: The Nifty 50 continues to display a constructive technical setup, supported by improving momentum and sustained trading above its 50-day moving average. Strong participation from IT and banking stocks, stable bond yields, and resilient macro conditions favour a positive bias, though resistance levels and geopolitical developments may keep near-term volatility elevated.

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