Index Update: NIFTY 50 closed at 23,897.95, down 275.10 points (-1.14%), and continues to hold above its 21-day SMA (~23,581.18), keeping the short-term structure intact despite recent pressure. Price action shows a pause after the rebound attempt. The 14-day RSI near 49.21 is turning lower, suggesting easing momentum. Immediate support is at 23,500.00–23,200.00, while resistance stands at 24,100.00–24,300.00 and 24,600.00.

Macro Update: India’s 10-year government bond yield climbed to around 6.97%, a two-week high, driven by rising global crude prices and risk-off sentiment. Brent crude above $105.50 per barrel heightened inflation concerns, pushing global yields upward. However, continued foreign portfolio outflows from Indian equities partially limited further upside in domestic bond yields.

Top Market Movers: On Friday, Coal India Limited (NSE:COALINDIA) led the gainers with a 1.19% increase, closing at INR 456.00 followed by Trent Limited (NSE:TRENT) up 1.08% at INR 4,297.30 and Nestlé India Limited (NSE:NESTLEIND) which rose 0.77% to INR 1,421.30. On the downside followed Infosys Limited (NSE:INFY) saw the largest drop, falling 6.93% to INR 1,154.60 followed HCL Technologies Limited (NSE:HCLTECH) down 5.82% to INR 1,203.20 and Tata Consultancy Services Limited (NSE:TCS), which dropped 4.95% to INR 2,396.90.

Commodity Update: The dollar is set for its first weekly gain in three weeks as stalled U.S.–Iran peace talks and ongoing tensions support safe-haven demand. Iran’s actions in the Strait of Hormuz and uncertainty around shipping routes kept oil prices elevated. Brent crude rose 1.00% to USD 106.27, heading for strong weekly gains. Meanwhile, gold fell 0.67% to USD 4,693.90, silver declined 0.61% to USD 75.04, and copper slipped 0.67% to USD 13,258.00 amid firm dollar pressure and cautious global risk sentiment.

Our Stance: Market sentiment remains cautious as rising crude prices and higher bond yields sustain inflation concerns and pressure risk assets. While NIFTY 50 continues to hold above key short-term averages, weakening momentum signals potential consolidation. Sustained movement above resistance zones may restore bullish momentum, whereas a break below support could trigger additional downside pressure.

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