Index Update: The Nifty 50 slipped 124.00 points from its record high to close at 26,068.15, yet it remains on a bullish trajectory. The index continues to trade well above the 51-day EMA at 25,452.23, highlighting strong underlying support. The RSI at 61.95 indicates steady bullish momentum, reinforcing a positive broader outlook. Immediate support is seen near 25,200, while resistance is around 26,300. A sustained move above 25,670 could further strengthen the upward bias and boost near-term sentiment.

Macro Update: India’s rupee hit a record low near 89.3/USD as weaker November activity data, and a widening trade deficit signaled tariff-driven pressure. Manufacturing and services growth cooled, exports to the US slumped, and policy uncertainty persists despite low inflation. Markets now await GDP data and potential progress on a US-India trade deal.

Top Market Movers: On Friday, Maruti Suzuki India Ltd (NSE: MARUTI) led the gainers with a 1.11% increase, closing at INR 15,977.00 followed by Max Healthcare Institute Ltd (NSE: MAXHEALTH) up 1.04% at INR 1,181.10 and Interglobe Aviation Ltd (NSE: INDIGO) which rose 1.00% to INR 5,843.50. On the downside Hindalco Industries Ltd (NSE: HINDALCO) saw the largest drop, falling 2.76% to INR 777.70 followed Tata Steel Ltd (NSE: TATASTEEL) down 2.59% to INR 168.00 and JSW Steel Ltd (NSE: JSWSTEEL), which dropped 2.54% to INR 1,140.30.

Commodity Update: Commodity Update: The dollar headed for its strongest weekly gain in over a month as traders bet the Fed won’t cut rates next month, with a mixed U.S. jobs report offering little clarity. Gold slipped 0.09% to USD 4,056.40, silver fell 1.32% to USD 49.63, and copper eased 0.26% to USD 10,700. Brent crude dropped 1.12% to USD 62.67 amid U.S. efforts toward a Russia-Ukraine peace deal and caution over rate-cut uncertainty.

Our Stance: A cautiously constructive stance remains appropriate. Equities retain support from strong technicals despite rupee weakness and tariff-led macro pressure. Short-term volatility may rise amid policy uncertainty, yet resilient domestic demand and sector rotation provide stability. A selective, quality-focused approach suits current conditions while monitoring GDP data, trade talks, and global rate expectations.

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