Index Update: The Nifty 50 slipped 3.00 points to close at 25,815.55, easing from the day’s high and finishing below the 26,000 mark and key resistance areas. The index is trading just below its 50-day SMA at 25,818.01, which may act as near-term support, while the RSI at 46.37 indicates softening momentum. Immediate support is seen near 25,500, with resistance around 26,500. A sustained move above 26,350 would be needed to improve near-term sentiment.

Macro Update- India’s private sector growth moderated in December 2025, with the HSBC Composite PMI easing to a 10-month low of 58.9 amid softer momentum in services and manufacturing. While demand and exports remained supportive, new orders and output growth slowed. Employment stayed broadly stable, price pressures remained muted, and business confidence weakened further.

Top Market Movers: On Thursday, InterGlobe Aviation Ltd (NSE: INDIGO) led the gainers with a 2.71% increase, closing at INR 5,115.50 followed by Tata Consultancy Services Ltd (NSE: TCS) up 1.96% at INR 3,280.80 and Max Healthcare Institute Ltd (NSE: MAXHEALTH)) which rose 1.69% to INR 1,048.50. On the downside followed Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA) saw the largest drop, falling 2.62% to INR 1,745.90 followed Tata Steel Ltd (NSE: TATASTEEL) down 1.30% to INR 168.12 and Power Grid Corporation of India Ltd (NSE: POWERGRID), which dropped 1.21% to INR 257.95.

Commodity Update: The U.S. dollar remained firm against major peers on Thursday as investors positioned ahead of central bank decisions in the UK, Europe, and Japan. Precious metals weakened, with gold slipping 0.34% to USD 4,364.00, silver down 0.54% to USD 66.54, and copper easing 0.28% to USD 11,696.00. Meanwhile, Brent crude jumped 1.30% to USD 59.68 after U.S. sanctions tightened on Venezuelan oil flows.

Our Stance: Near-term market sentiment remains cautious as the Nifty trades below key resistance amid moderating macro momentum. Softer PMI trends and muted risk appetite may cap upside, while stable domestic demand and supportive commodity moves provide downside support. A sustained breakout above resistance is needed to restore bullish confidence.

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