Index Update: The Nifty 50 eased 27.20 points to 26,175.75 but continues to hold a strong bullish structure near record highs. The index remains well above the 51-day SMA at 25,570.49, underscoring firm underlying support. The RSI at 61.66 reflects stable positive momentum. Key support sits around 25,500, while resistance is positioned near 26,500. A sustained move above 26,350 could further strengthen upward momentum and lift near-term sentiment.

Macro Update: India’s 10-year yield stayed near eight-month highs around 6.5% as robust 8.2% Q2 GDP strengthened the case for a cautious RBI ahead of the December 5 policy. The rupee held near record lows around 89.5 amid importer demand, trade pressures, and foreign outflows despite the strong growth print.

Top Market Movers: On Monday, Tata Motors Passenger Vhcls Ltd (NSE: TMPV) led the gainers with a 1.96% increase, closing at INR 363.80 followed by Bharat Electronics Ltd (NSE: BEL) up 1.34% at INR 417.25 and Maruti Suzuki India Ltd (NSE: MARUTI) which rose 1.24% to INR 16,097.00. On the downside Max Healthcare Institute Ltd (NSE: MAXHEALTH) saw the largest drop, falling 3.22% to INR 1,125.40 followed Interglobe Aviation Ltd (NSE: INDIGO) down 1.82% to INR 5,794.00 and Bajaj Finance Ltd (NSE: BAJFINANCE), which dropped 1.58% to INR 1,021.10.

Commodity Update: The dollar slipped at the start of December as markets positioned for a crucial month that may deliver the Fed’s final rate cut of the year and confirm a dovish successor to Jerome Powell. Commodities traded firmer, with gold up 0.51% at USD 4,276.40, silver rising 1.53% to USD 57.31, and copper edging 0.35% higher to USD 11,237. Brent crude jumped 1.51% to $63.32 after OPEC+ paused its planned output increases.

Our Stance: Bullish momentum in equities remains intact as Nifty trades comfortably above key moving averages, with sentiment supported by firm macro data despite elevated bond yields and a weak rupee. Market breadth stays mixed, though leadership from select large caps and resilient commodity cues keeps the near-term outlook constructive within the prevailing range.

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