Index Update: The Nifty 50 slipped 37.95 points to close at 26,140.75, trading within a very narrow range while continuing to hold above the key 26,000 level. The index remains above its 50-day Simple Moving Average at 25,971.74, offering near-term support. The RSI at 53.96 indicates gradually improving momentum. Immediate support is seen around 25,500, with resistance near 26,500. A sustained move above 26,350 would help strengthen near-term sentiment and upside potential.

Macro Update: The Indian rupee strengthened near 89.9/USD, hitting a one-week high after heavy RBI intervention to curb speculative dollar positions. However, pressures persist from foreign equity outflows and US–India trade uncertainty. Markets await next week’s inflation data for cues on the RBI’s February policy stance.

Top Market Movers: On Wednesday, Titan Company Ltd (NSE: TITAN) led the gainers with a 3.93% increase, closing at INR 4,273.20 followed by Wipro Ltd (NSE: WIPRO) up 1.96% at INR 270.80 and HCL Technologies Ltd (NSE: HCLTECH) which rose 1.94% to INR 1,647.70. On the downside followed Cipla Ltd (NSE: CIPLA) saw the largest drop, falling 4.11% to INR 1,467.90 followed Maruti Suzuki India Ltd (NSE: MARUTI) down 2.79% to INR 16,809.00 and Power Grid Corporation of India Ltd (NSE: POWERGRID), which dropped 1.66% to INR 264.10.

Commodity Update: The U.S. dollar traded in a narrow range on Wednesday as investors awaited a batch of key U.S. economic data likely to shape the Federal Reserve’s rate outlook, overshadowing geopolitical concerns. Commodities softened, with gold slipping 0.24% to USD 4,486.10, silver down 0.56% to USD 80.54, and copper easing 0.36%. Brent crude declined 1% to USD 60.11 after comments on potential Venezuelan oil supply boosted supply expectations.

Our Stance: Markets remain range-bound with the Nifty holding key supports, suggesting consolidation rather than trend reversal. Selective stock-specific action is likely amid mixed global cues. Rupee stability from RBI intervention offers temporary relief, though external risks persist. A decisive index breakout or inflation clarity may set the next directional move.

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