Index Update: The Nifty 50 slipped 17.40 points to close at 25,492.30, dipping below key support levels. However, the index remains comfortably above the 51-day EMA at 25,202.35, underscoring firm underlying support. The RSI at 49.66 reflects mild bearish momentum, though the broader outlook stays slightly positive. Immediate support is near 25,200, while resistance is placed around 26,300. A sustained move above 25,670 would help strengthen the ongoing upward bias.

Macro Update: India and New Zealand are close to finalizing a Free Trade Agreement (FTA), with rapid progress reported during Commerce Minister Piyush Goyal’s visit to Wellington. The pact aims to boost bilateral trade beyond the current USD 1.5 billion, following a 10% rise in two-way trade over the past year.

Top Market Movers: On Friday, Shriram Finance Ltd (NSE: SHRIRAMFIN) led the gainers with a 3.01% increase, closing at INR 816.35 followed by Adani Enterprises Ltd (NSE: ADANIENT) up 2.38% at INR 2,369.40 and Bajaj Finance Ltd (NSE: BAJFINANCE) which rose 2.37% to INR 1,066.60. On the downside Bharti Airtel Ltd (NSE: BHARTIARTL) saw the largest drop, falling 4.47% to INR 2,001.20 followed Tata Consumer Products Ltd (NSE: TATACONSUM) down 1.95% to INR 1,167.20 and Interglobe Aviation Ltd (NSE: INDIGO), which dropped 1.92% to INR 5,583.50.

Commodity Update: A mild pullback in the U.S. dollar and uncertainty over the prolonged U.S. government shutdown supported market sentiment on Friday. Gold rose 0.26% to USD 4,001.10 per ounce, while silver advanced 0.34% to USD 48.10. Copper added 0.37% to USD 10,715.00. Brent crude inched up 0.40% to USD 63.65 after three days of losses tied to oversupply and weakening U.S. demand, though it remained on track for a second weekly decline.

Our Stance: Market sentiment remained cautiously optimistic as the Nifty 50 held above key moving averages despite mild profit booking. Strength in select financial stocks offset telecom weakness. Commodity gains, driven by a softer dollar and global uncertainty, provided additional support, suggesting underlying resilience in broader risk appetite.

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