Index Update: The Nifty 50 slipped 103.40 points to close at 25,910.05 but continues to hold well above key support levels. The index remains comfortably positioned above the 51-day EMA at 25,373.16, underscoring firm underlying strength. The RSI at 60.18 indicates steady bullish momentum, maintaining a constructive broader outlook. Immediate support is located near 25,200, while resistance is positioned around 26,300. A sustained move above 25,670 could reinforce the upward bias and improve near-term sentiment.

Macro Update: India’s exports to the US fell 8.6% in October amid the Trump administration’s 50% tariffs, contributing to an 11.8% overall export decline. Engineering, textiles, and jewellery shipments weakened, while electronics rose. Imports surged to a record high, driving the trade deficit to an unprecedented USD 41.68 billion.

Top Market Movers: On Tuesday, Bharti Airtel Ltd (NSE: BHARTIARTL) led the gainers with a 1.75% increase, closing at INR 2,149.20 followed by Axis Bank Ltd (NSE: AXISBANK) up 1.26% at INR 1,265.40 and Asian Paints Ltd (NSE: ASIANPAINT) which rose 0.63% to INR 2,906.00. On the downside Interglobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 2.27% to INR 5,739.50 followed Tech Mahindra Ltd (NSE: TECHM) down 2.12% to INR 1,422.00 and Tata Consumer Products Ltd (NSE: TATACONSUM), which dropped 2.10% to INR 1,154.10.

Commodity Update: The yen weakened to a nine-month low in early Asian trade on Tuesday as fading expectations of a Fed rate cut next month boosted the dollar. Precious metals retreated, with gold down 1.32% to USD 4,020.40, silver slipping 2% to USD 49.68, and copper easing 0.43% to USD 10,733.10. Brent crude dipped 0.40% to USD 63.92 as supply concerns eased after Russian export loadings resumed.

Our Stance: Market conditions appear broadly resilient despite a mild index pullback, with technical indicators still signalling underlying strength. External pressures from US tariffs continue to weigh on trade data, though sectoral performance remains mixed. Commodity softness and a stronger dollar add caution, yet overall sentiment stays constructive unless support levels decisively break.

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