Nifty Maintains Stability While Lower Oil Prices Support Investor Confidence

Index Update: The Nifty 50 Index closed near 24,056.00 while continuing to trade above its 63-day SMA around 23,708.42, indicating that the broader technical structure remains stable despite recent consolidation. Price action reflects range-bound movement over the past few sessions, with the index holding above its medium-term trend support following the recovery from earlier lows. The 14-day RSI stood near 56.97, suggesting moderately positive momentum without entering overbought territory. Immediate support is placed near 24,000.00 and 23,850.00, while resistance is seen around 24,261.60 and 24,400.00. A sustained move beyond these chart-based levels could provide clearer direction for the index's next phase of trading.

Macro Update: The Indian rupee strengthened to around 94.3 per dollar as falling crude oil prices and likely RBI intervention improved market sentiment. Brent crude dropped below $80 per barrel, easing imported inflation concerns for India. Lower global energy prices and renewed US-Iran negotiations further supported the rupee's recovery.

Top Market Movers: On Thursday, InterGlobe Aviation Ltd. (NSE: INDIGO) led the gainers with a 4.66% increase, closing at INR 5,450.00 followed by Max Healthcare Institute Limited (NSE: MAXHEALTH) up 3.85% at INR 1,123.35 and Mahindra & Mahindra Limited (NSE: M&M) which rose 3.84% to INR 3,182.20. On the downside followed Oil and Natural Gas Corporation Limited (NSE: ONGC) saw the largest drop, falling 2.88% to INR 233.10 followed Power Grid Corporation of India Limited (NSE: POWERGRID) down 2.41% to INR 283.90 and Hindalco Industries Limited (NSE: HINDALCO) which dropped 2.40% to INR 953.20.

Commodity Update: Gold prices extended their decline in Asian trading on Thursday, remaining close to their lowest levels in more than seven months as a stronger U.S. dollar and expectations of additional Federal Reserve policy tightening reduced demand for the non-yielding precious metal. Gold declined 0.42% to USD 3,993.35 per ounce, while silver dropped 2.14% to USD 56.83 per ounce. Copper advanced 0.58% to USD 13,106.00 per metric ton. Meanwhile, Brent crude oil slipped 0.50% to USD 73.38 per barrel as concerns over Middle East supply disruptions continued to ease.

Our Stance: The Nifty 50 continues to hold above key medium-term support, indicating a stable technical outlook despite range-bound trading. Easing crude oil prices, a firmer rupee, and improving macro sentiment may support market stability. Sustained movement above resistance could strengthen momentum, while support levels remain crucial for near-term direction.

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