Index Update: The Nifty 50 Index closed at 24,168.00, up 82.30 points or 0.34% for the session, extending its recent recovery and strengthening its position above the 63-day SMA of 23,658.69. Market sentiment improved during the session, with the 14-day RSI rising to 62.43 from its average of 46.37, reflecting strengthening momentum conditions. Immediate support is placed near 23,926.32, with the next support level at 23,684.64. On the upside, immediate resistance is seen around 24,409.68, while the next resistance level is located near 24,651.36. A sustained move above resistance levels could support further gains in the near term.

Macro Update: The Indian rupee weakened against the US dollar as the Federal Reserve maintained interest rates and signaled a higher-for-longer policy stance. Rising US Treasury yields supported the dollar, while investors reassessed rate expectations. Meanwhile, easing geopolitical tensions and lower crude oil prices helped reduce concerns over energy supply disruptions.

Top Market Movers: On Thursday, Max Healthcare Institute Limited (NSE: MAXHEALTH) led the gainers with a 6.27% increase, closing at INR 1,090.45 followed by InterGlobe Aviation Limited (NSE: INDIGO) up 2.73% at INR 5,011.80 and Trent Limited (NSE: TRENT) which rose 2.48% to INR 3,179.70. On the downside followed Infosys Limited (NSE: INFY) saw the largest drop, falling 2.61% to INR 1,127.50 followed Tata Consumer Products Limited (NSE: TATACONSUM) down 1.16% to INR 1,111.40 and Maruti Suzuki India Limited (NSE: MARUTI) which dropped 1.07% to INR 13,484.00.

Commodity Update: The U.S. dollar remained near a more than two-month high on Thursday as expectations of additional Federal Reserve rate hikes strengthened, adding pressure on major currencies and pushing the Japanese yen closer to levels that have previously prompted intervention concerns. In the commodities market, gold declined by 1.06% to USD 4,334.90 per ounce, while silver fell 2.48% to USD 69.01 per ounce. Copper also weakened by 1.09% to USD 13,683.00 per tonne. Meanwhile, Brent crude oil fell 1.00% to USD 78.73 per barrel as investors evaluated the impact of the newly announced U.S.-Iran peace accord alongside concerns about a potential global supply surplus.

Our Stance: The Nifty 50 continues to exhibit a constructive technical setup, supported by improving momentum indicators and sustained trading above key moving averages. While global cues remain mixed due to evolving interest-rate expectations, easing energy prices and stable domestic sentiment may support the index. However, resistance near 24,410 could limit near-term upside.

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