Nifty Holds Steady as Mixed Macros Keep Investors Cautious

Index Update: The Nifty 50 Index closed near 24,252.00, holding slightly above its 50-day SMA of 24,182.03. Recent price action shows the index stabilising around the moving average after the pullback from higher levels, with the latest session recording only a modest gain. The 14-day RSI stood at 49.09, indicating balanced momentum around the neutral zone. Key levels to monitor are 24,130.00 and 24,010.00 on the downside, while 24,375.00 and 24,495.00 remain relevant on the upside. A move beyond this range could provide further clarity on the next directional move.

Macro Update: India's economic indicators presented a mixed picture in August 2026. Manufacturing growth slowed to a five-year low, while services activity accelerated above expectations, lifting the Composite PMI to 54.6. Meanwhile, India’s 10-year G-Sec yield remained near a two-month high amid elevated crude prices, fresh debt supply and persistent inflation concerns.

Top Market Movers: On Friday, Power Grid Corporation of India Limited (NSE:POWERGRID) led the gainers with a 2.87% increase, closing at INR 272.40 followed by HDFC Life Insurance Company Limited (NSE:HDFCLIFE) up 2.36% at INR 554.80 Kotak Mahindra Bank Limited (NSE:KOTAKBANK) which rose 1.37% to INR 402.80. On the downside followed Maruti Suzuki India Limited (NSE:MARUTI) saw the largest drop, falling 1.77% to INR 13,565.00 followed Trent Limited (NSE:TRENT) down 1.55% to INR 2,924.00 and HCL Technologies Limited (NSE:HCLTECH) which dropped 1.21% to INR 1,302.50.

Commodity Update: Gold prices remained firmly above USD 4,500.00 an ounce, extending their upward momentum and staying on track for a third consecutive weekly advance as a weaker U.S. dollar and efforts to manage longer-term Treasury yields supported bullion. Gold gained 0.54% to USD 4,596.20, while silver advanced 1.30% to USD 68.99 and copper rose 0.72% to USD 14,134.30. Brent crude oil declined 0.50% to USD 93.29, easing slightly after reaching one-month highs amid fresh U.S. sanctions on Iran.

Our Stance: A cautious stance is warranted as the Nifty 50 remains near its 50-day SMA, reflecting limited directional momentum. Softer manufacturing activity and elevated bond yields could weigh on sentiment, although resilient services growth provides support. Stock-specific opportunities may emerge amid continued volatility across sectors.

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