Index Update: Nifty 50 advanced to close at 24,353.55, as renewed buying interest reinforced short-term positive momentum. From a technical perspective, the broader outlook remains constructive, with the index continuing to take support at key levels. On the daily chart, the index is trading above its 21-period Simple Moving Average (SMA), which is acting as a dynamic support and helping sustain the prevailing uptrend. Momentum indicators remain supportive, suggesting underlying strength, although the pace of gains may moderate in the near term. As long as the index holds above its support zones, the overall bias is likely to remain positive, with potential for gradual upside continuation.

Macro Update: The Indian rupee strengthened to around 92.7 per dollar, supported by RBI measures aimed at reducing oil-related dollar demand and curbing speculative activity. Improved foreign investor inflows into equities aided sentiment, although elevated crude prices and persistent geopolitical tensions in the Middle East continue to create cautious undertones for currency markets.

Top Market Movers: On Friday, Hindustan Unilever Limited (NSE:HINDUNILVR) led the gainers with a 4.75% increase, closing at INR 2,240.80 followed by Nestle India Limited (NSE:NESTLEIND) up 2.24% at INR 1,285.60 and JSW Steel Limited (NSE:JSWSTEEL) which rose 2.09% to INR 1,240.30. On the downside followed Wipro Limited (NSE:WIPRO) saw the largest drop, falling 2.83% to INR 204.32 followed HDFC Life Insurance Company Limited (NSE:HDFCLIFE) down 2.38% to INR 616.45 and Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA), which dropped1.04% to INR 1,675.5s0.

Commodity Update: On Friday, the Japanese yen weakened after the Bank of Japan refrained from signaling a rate hike next week, while traders remained cautious and stayed on the sidelines ahead of potential U.S.–Iran peace talks. Gold fell 0.07% to USD 4,805.05 per ounce, silver rose 0.27% to USD 78.925, and copper slipped 0.16% to USD 13,243.15. Meanwhile, Brent crude declined 1.01% to USD 98.38 per barrel, amid optimism over a Lebanon–Israel ceasefire and possible U.S.–Iran discussions.

Our Stance: Market sentiment remains cautiously positive as the Nifty 50 sustains above key support levels and momentum indicators continue to reflect underlying strength. However, elevated crude prices, currency fluctuations, and geopolitical developments may influence near-term volatility. Gradual upside potential persists, provided the index maintains stability above immediate support zones.

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