Index Update: The NIFTY 50 declined 315.45 points (1.27%) to close at 24,450.45, after opening at 24,656.40 and trading within a range of 24,415.75–24,700.90 during the session. The index remained under pressure throughout the day, reflecting persistent selling interest. It continues to trade below its 50-day Simple Moving Average at 25,583.07, which stands as an immediate hurdle for any recovery. The RSI at 33.45 indicates weak momentum and shows the index moving closer to oversold territory. On the downside, 24,000.00–23,800.00 may act as an important support zone, while 25,000.00–25,580.00 could serve as a strong resistance band in the near term.

Macro Update:  According to the state-run Islamic Republic News Agency, Iran’s Deputy Foreign Minister indicated in earlier discussions with the United States that Tehran could potentially abandon its nuclear ambitions and eliminate its uranium stockpiles if meaningful concessions were offered. The comments suggest that diplomatic channels remain open despite heightened geopolitical tensions in the Middle East. Markets, however, remain cautious as investors assess whether negotiations could translate into a formal agreement. In the meantime, volatility across global markets is expected to persist, with continued selling by foreign institutional investors (FIIs) reflecting broader uncertainty and risk aversion.

Top Market Movers: On Friday, Bharat Electronics Limited (NSE: BEL) led the gainers with a 2.52% increase, closing at INR 469.60 followed by Oil & Natural Gas Corporation Limited (NSE: ONGC) up 1.28% at INR 279.90 and Reliance Industries Limited (NSE: RELIANCE) which rose 1.27% to INR 1,407.00. On the downside ICICI Bank Limited (NSE: ICICIBANK) saw the largest drop, falling 3.13% to INR 1,315.10 followed by Eternal Limited (NSE: ETERNAL) down 2.96% to INR 233.04 and Shriram Finance Limited (NSE: SHRIRAMFIN), which dropped 2.77% to INR 1,010.70.

Commodity Update: The U.S. dollar held broadly steady in early Asian trade on Friday and remained on track for its strongest weekly gain in over a year as rising Middle East tensions lifted demand for safe-haven assets. Gold advanced 1.19% to USD 5,141.55, silver surged 2.74% to USD 84.42, and copper gained 0.58% to USD 13,004.50. Brent crude slipped 1.33% to USD 84.27 as the U.S. granted waivers allowing Indian refiners to continue buying Russian crude to ease supply pressures.

Our Stance: According to the state-run Islamic Republic News Agency, Iran’s Deputy Foreign Minister indicated in earlier discussions with the United States that Tehran could potentially abandon its nuclear ambitions and eliminate its uranium stockpiles if meaningful concessions were offered. The comments suggest that diplomatic channels remain open despite heightened geopolitical tensions in the Middle East. Markets, however, remain cautious as investors assess whether negotiations could translate into a formal agreement. In the meantime, volatility across global markets is expected to persist, with continued selling by foreign institutional investors (FIIs) reflecting broader uncertainty and risk aversion.

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