Index Update:  The Nifty 50 Index closed near 23,547.75, sharply lower in the latest session, while remaining below its 21-day SMA near 23,847.78, reflecting a weak near-term technical structure. Recent price action indicates renewed selling pressure following the recent consolidation phase, with the index slipping toward the lower end of its recent trading range. The 14-day RSI near 43.37 remained below the neutral mark, suggesting weakening momentum conditions. Immediate support levels are placed near 23,300 and 23,000, while resistance is seen around 23,850 and 24,100. A sustained move above the resistance zone may support a recovery attempt, while the prevailing trend remains cautious in the near term.

Macro Update: India’s 10-year government bond yield eased toward 6.9% as declining crude oil prices and softer US Treasury yields improved market sentiment. Reduced concerns over global oil supply disruptions may help contain imported inflation. However, investor caution persists ahead of India’s debt auction and the RBI’s upcoming monetary policy decision.

Top Market Movers: On Thursday, Tech Mahindra Limited (NSE:TECHM)  led the gainers with a 1.94% increase, closing at INR 1,483.90 followed by HCL Technologies Limited (NSE:HCLTECH) up 1.60% at INR 1,183.80 and Wipro Limited (NSE:WIPRO) which rose 1.32% to INR 204.25. On the downside followed InterGlobe Aviation Limited (NSE:INDIGO) saw the largest drop, falling 3.61% to INR 4,405.00 followed Eicher Motors Limited (NSE:EICHERMOT) down 3.26% to INR 7,177.00 and Bajaj Auto Limited (NSE:BAJAJ-AUTO), which dropped 3.22% to INR 10,460.00.

Commodity Update: The U.S. dollar weakened on Friday after reports suggested that Washington and Tehran had reached a 60-day memorandum of understanding to extend the current ceasefire and begin fresh negotiations on Iran’s nuclear program. The development improved risk sentiment across global markets. Gold rose 0.06% to USD 4,534.70 per ounce, while silver gained 0.27% to USD 76.12. Copper slipped 0.06% to USD 13,717.00. Meanwhile, Brent crude declined 0.50% to USD 93.24 per barrel and remained on track for a weekly loss as investors assessed easing geopolitical tensions between the U.S. and Iran.

Our Stance: Market sentiment remains cautious as the Nifty trades below key resistance levels and technical indicators reflect weakening momentum. While softer crude prices and easing bond yields provide macro support, investors are likely to remain focused on the RBI policy outcome and domestic liquidity conditions for near-term market direction.

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