Index Update: The Nifty 50 slipped 133.20 points to close at 25,642.80 after a gap-down opening, easing from the day’s high to finish closer to the session low. The index continues to trade below its 50-day Simple Moving Average at 25,813.87, which remains an immediate upside hurdle. Momentum stays muted, with the RSI at 51.68 reflecting stabilisation from lower levels. Immediate support is seen near 25,000, while resistance lies around 26,500, with a sustained move above 26,350 required to improve near-term confidence.

Macro Update: The Indian rupee strengthened to a three-week high near 90.1 per dollar, supported by moderated corporate dollar demand, easing forward premiums, and increased exporter hedging. Sentiment also improved after a US-India trade deal reduced tariffs. However, investors remain cautious ahead of the Budget session and the Reserve Bank of India’s February policy decision.

Top Market Movers: On Wednesday, Trent Limited (NSE: TRENT) led the gainers with a 2.96% increase, closing at INR 4,131.30 followed by Max Healthcare Institute Limited (NSE: MAXHEALTH) up 1.50% at INR 1,040.80 and Tata Steel Limited (NSE: TATASTEEL) which rose 1.21% to INR 197.76. On the downside followed Hindalco Industries Limited (NSE: HINDALCO) saw the largest drop, falling 3.06% to INR 935.45 followed Eternal Limited (NSE: ETERNAL) down 2.48% to INR 286.48 and Bharti Airtel Limited (NSE: BHARTIARTL), which dropped 1.65% to INR 1,992.40.

Commodity Update: The U.S. dollar steadied in early Asian trade as markets awaited interest rate decisions from the European Central Bank and the Bank of England, both widely expected to keep policy unchanged. Commodities weakened, with gold slipping 1.76% to USD 4,864.70, silver tumbling 9.56% to USD 76.33, and copper easing 1.35% to USD 12,885.50. Brent crude fell 1.40% to USD 68.47 after the U.S. and Iran agreed to hold talks in Oman, easing geopolitical supply concerns.

Our Stance: Nifty remains in a consolidation phase as it trades below key moving averages, reflecting cautious sentiment. Mixed global cues, soft commodity prices, and upcoming policy events may limit near-term upside. A decisive move above resistance is needed to revive momentum, while downside risks persist near support levels.

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