Index Update:  The Nifty 50 Index closed near 23,997.55, down 0.74%, and remains below its 50-day SMA around 24,137.63, indicating a mildly weak near-term structure. Price action shows a recovery attempt after the recent decline, followed by consolidation near current levels. The 14-day RSI near 50.28 is hovering around the neutral zone and slightly above its signal line, suggesting stabilizing momentum. Immediate support is placed around 23,500–23,300, while resistance is seen near 24,200–24,500. A sustained move above resistance could improve the structure, while consolidation may continue otherwise.

Macro Update: India’s 10-year government bond yield climbed to around 7.1%, marking multi-week highs, tracking a surge in US Treasury yields after the Federal Reserve maintained rates. Elevated crude oil prices, persistent inflation concerns, and continued weakness in the Indian rupee further pressured bond markets, keeping investor sentiment cautious and defensive.

Top Market Movers: On Thursday, Bajaj Auto Limited (NSE:BAJAJ-AUTO) led the gainers with a 4.72% increase, closing at INR 9,994.00 followed by Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA) up 1.66% at INR 1,808.30 and Infosys Limited (NSE:INFY) which rose 1.22% to INR 1,181.80. On the downside followed Tata Motors Passenger Vhcls Ltd (NSE:TMPV) saw the largest drop, falling 3.16% to INR 341.55 followed Eternal Limited (NSE:ETERNAL) down 2.76% to INR 247.03 and Hindalco Industries Limited (NSE:HINDALCO), which dropped 2.74% to INR 1,038.00.

Commodity Update: The U.S. dollar hovered near a two-week high on Thursday as hawkish remarks from Federal Reserve officials pushed bond yields to a one-month peak. The Japanese yen weakened past 160 per dollar, increasing the likelihood of potential intervention. Gold rose 0.28% to USD 4,574.60, silver gained 0.86% to USD 72.70, and copper advanced 0.45% to USD 13,053.00. Brent crude declined 1.91% to USD 119.94 amid concerns over prolonged Middle East supply disruptions due to stalled U.S.-Iran tensions.

Our Stance: Market sentiment appears cautious as Nifty trades below key moving averages despite signs of stabilization near current levels. Elevated global yields, currency weakness, and inflation risks continue to limit upside potential. A sustained breakout above resistance may improve momentum, while continued consolidation within the support zone remains likely in the near term.

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