Index Update: The Nifty 50 gained 103.55 points to close at 25,285.35, staying firmly above the 51-day EMA at 24,935.87, which acts as a strong support zone. The RSI at 60.99 signals improving bullish momentum. A sustained move above 25,500 could trigger further upside, while 24,900 serves as immediate support, followed by 24,400 on the downside.

Macro Update: India’s economy remains resilient amid global uncertainty, supported by robust tax collections and firm services activity. Industrial output continues to expand, while inflation stays within the RBI’s comfort zone. The rupee trades steady near 83.2 per dollar as markets await key CPI and industrial production data next week.

Top Market Movers: On Friday, Cipla Ltd (NSE: CIPLA) led the gainers with a 3.22% increase, closing at INR 1,561.80 followed by State Bank of India (NSE: SBIN) up 2.15% at INR 880.65 and Maruti Suzuki India Ltd (NSE: MARUTI) which rose 1.75% to INR 16,265.00. On the downside, Tata Steel Ltd (NSE: TCS) saw the largest drop, falling 1.45% to INR 173.86 followed Tata Consultancy Services Ltd (NSE: TITAN) down 1.09% to INR 3,028.30 and HDFC Life Insurance Company Ltd (NSE: HDFCLIFE), which dropped 0.93% to INR 747.30.

Commodity Update: The yen hovered near 153.12 per U.S. dollar, set for its steepest weekly drop in a year as fading prospects of another Bank of Japan rate hike weighed on sentiment. Gold rose 0.71% to $4,000.95, silver gained 0.84% to $47.56, and copper slipped 0.54% to $10,822.45. Brent crude was flat at $65.22, steady after the Israel-Hamas ceasefire eased risk premium, offset by fresh U.S. sanctions on Iran and concerns over weak winter fuel demand.

Our Stance: The near-term outlook remains cautiously bullish as Nifty sustains above key moving averages with improving momentum. Strength in banking and auto stocks supports sentiment, while global cues and upcoming inflation data could drive volatility. Sustained trade above 25,500 may confirm further upside, with 24,900 acting as near-term support.

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