Index Update: The Nifty 50 Index closed around 24,013.10, remaining above its 63-day SMA of 23,668.28, indicating that the broader trend remains constructive despite recent fluctuations. Momentum conditions improved, with the 14-day RSI at 57.76, remaining above its average of 47.62. Immediate support is placed near 23,772.97, with the next support level at 23,532.84. On the upside, immediate resistance is seen around 24,253.23, while the next resistance level is located near 24,493.36. A decisive move beyond these levels could influence near-term market direction.

Macro Update: India's 10-year government bond yield remained near 6.8% as investors awaited the outcome of a ₹320 billion debt auction for fresh market direction. Softer crude oil prices and strong foreign inflows into Indian debt supported sentiment, while recent RBI measures to encourage dollar inflows continued to attract overseas investor interest.

Top Market Movers: On Friday, Eternal Limited (NSE: ETERNAL) led the gainers with a 2.22% increase, closing at INR 264.30 followed by Bharti Airtel Limited (NSE: BHARTIARTL) up 1.92% at INR 1,910.80 and Power Grid Corporation of India Limited (NSE: POWERGRID) which rose 1.23% to INR 292.25. On the downside followed Infosys Limited (NSE: INFY) saw the largest drop, falling 6.75% to INR 1,051.40 followed Tata Consultancy Services Limited (NSE: TCS) down 3.55% to INR 2,125.00 and Tech Mahindra Limited (NSE: TECHM) which dropped 2.63% to INR 1,409.60.

Commodity Update: The U.S. dollar index climbed to a one-year high on Friday after the Federal Reserve’s hawkish stance strengthened expectations of additional interest rate increases this year. In the commodities market, gold declined by 1.23% to USD 4,194.20, silver dropped 2.48% to USD 64.66, and copper eased 0.59% to USD 13,621.00. Meanwhile, Brent crude oil fell 1.10% to USD 79.01 amid easing supply concerns following progress in U.S.-Iran peace discussions and the reopening of the Strait of Hormuz.

Our Stance: Market sentiment remains cautiously constructive as the Nifty continues to trade above key moving average support levels, supported by easing crude oil prices and sustained foreign fund inflows. However, elevated global interest rate expectations and weakness in IT stocks may keep volatility high, making resistance levels crucial for determining the market's near-term direction.

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