Index Update: The Nifty 50 slipped 41.55 points to close at 25,818.55, easing from the day’s high and ending below the 26,000 mark and key resistance zones. The index continues to trade just above its 50-day SMA at 25,803.86, offering near-term support, while the RSI at 46.47 reflects softening momentum. Immediate support is placed near 25,500, with resistance around 26,500. A sustained move above 26,350 would be required to improve near-term sentiment.

Macro Update- India’s 10-year G-Sec yield steadied near 6.58% as investors remained cautious ahead of the RBI’s ₹500 billion bond purchase, while central bank intervention in the FX market lifted liquidity expectations. The rupee rebounded to around 90.5 per dollar after RBI support, though persistent foreign outflows and trade uncertainty continue to weigh on sentiment.

Top Market Movers: On Wednesday, Shriram Finance Ltd (NSE: SHRIRAMFIN) led the gainers with a 1.86% increase, closing at INR 864.20 followed by State Bank of India Ltd (NSE: SBIN) up 1.53% at INR 975.85 and Hindalco Industries Ltd (NSE: HINDALCO) which rose 1.39% to INR 848.80. On the downside followed Max Healthcare Institute Ltd (NSE: MAXHEALTH) saw the largest drop, falling 3.90% to INR 1,0.60 followed Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) down 1.84% to INR 6,921.50 and Trent Ltd (NSE: TRENT), which dropped 1.55% to INR 4,045.20.

Commodity Update: The U.S. dollar steadied on Wednesday, hovering near its lowest level since early October as soft labour market data kept investors cautious over the timing of the Federal Reserve’s next rate cut. Gold edged up 0.34% to USD 4,346.20, while silver jumped 4.05% to USD 65.85 and copper rose 0.43% to USD 11,679. Brent crude climbed 0.90% to USD 59.50 amid renewed geopolitical tensions linked to Venezuela.

Our Stance: Markets remain range-bound with the Nifty holding marginally above key moving average support, suggesting underlying stability despite soft momentum. Liquidity support from the RBI and currency intervention offer near-term comfort, though persistent foreign outflows, global uncertainty and resistance near 26,350 may cap upside in the absence of fresh triggers.

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