Index Update: The Nifty 50 fell 0.86%, closing at 24,039.35 on Friday, staying above key moving averages and a descending trendline. Despite bearish candlestick patterns, the index maintains a strengthening momentum, with the RSI at 61.36 indicating continued bullish sentiment. As the index nears a potential breakout zone, key support and resistance levels will be pivotal. While the outlook remains positive, caution is advised in the near term.

Macro Update: India’s FY26 growth outlook was trimmed by the World Bank (6.3%) and IMF (6.2%) amid global uncertainty. Meanwhile, tensions rose in Kashmir after cross-border shelling between India and Pakistan. Despite geopolitical risks, April PMI data signaled robust growth in manufacturing and services, supported by strong export orders and tariff pauses, though inflation and competition weigh on sentiment.

Top Market Movers: On Friday, SBI Life Insurance Company Ltd (NSE: SBILIFE) led the gainers with a 5.40% increase, closing at INR 1,695.10 followed by Tata Consultancy Services Ltd (NSE: TCS) up 1.36% at INR 3,448.00, and Tech Mahindra Ltd (NSE: TECHM) which rose 1.16% to INR 1,462.00. On the downside, Shriram Finance Ltd (NSE: SHRIRAMFIN) saw the largest drop, falling 5.95% to INR 655.20, followed Adani Enterprises Ltd (NSE: ADANIENT) down 3.61% to INR 2,354.30 and Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS), which dropped 3.51% to INR 1,193.00.

Commodity Update: The dollar increased Friday after slight losses Thursday, as markets digested uncertainty over U.S. economic policy amid President Trump's shifting trade stances and Fed interference. Gold rose 0.35% to $3,360.55, silver gained 0.07% to $33.53, and copper climbed 0.23% to $9,437.80. Brent crude edged up 0.01% to $66.60 but was set for a weekly drop amid OPEC+ supply concerns and mixed U.S. tariff signals.

Our Stance: The Nifty 50 shows strengthening momentum despite short-term bearish patterns, with key support and resistance levels critical for future movement. The macro-outlook remains cautious due to trimmed growth projections and geopolitical tensions, though robust PMI data provides optimism. Caution is advised, particularly with global uncertainties impacting sentiment.

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