Index Update: The Nifty 50 slipped 193.55 points to close at 25,683.30, falling below the key 26,000 level and weakening near-term sentiment. The index also ended below its 50-day Simple Moving Average at 25,963.14, now acting as an immediate resistance. The RSI eased to 38.55, reflecting softening momentum. On the downside, support is seen near 25,500, while resistance remains around 26,500. A sustained move above 26,350 would be required to revive upside confidence.

Macro Update: Indian rupee hovered near 89.9/USD as tariff risks, equity outflows, and Reserve Bank of India forward positions weighed. Donald Trump-backed US bill threatens 500% tariffs on Russian oil buyers, raising uncertainty. Markets now await December CPI, seen edging to 1.5%, still far below the RBI’s 4% target, amid policy ambiguity.

Top Market Movers: On Friday, Asian Paints Ltd. (NSE: ASIANPAINT) led the gainers with a 1.40% increase, closing at INR 2,825.50 followed by Oil and Natural Gas Corporation Ltd. (NSE: ONGC) up 1.15% at INR 234.09 and HCL Technologies Ltd. (NSE: HCLTECH) which rose 0.89% to INR 1,661.40. On the downside followed Adani Enterprises Ltd. (NSE: ADANIENT) saw the largest drop, falling 2.72% to INR 2,153.70 followed NTPC Ltd. (NSE: NTPC) down 2.44% to INR 336.00 and Jio Financial Services Ltd. (NSE: JIOFIN), which dropped 2.15% to INR 287.25.

Commodity Update: The U.S. dollar strengthened in early Asian trade on Friday as investors awaited the latest U.S. jobs report and watched an upcoming Supreme Court ruling on President Donald Trump’s emergency tariff powers. Commodities traded higher, with gold rising 0.34% to USD 4,475.20, silver surging 1.56% to USD 76.32, and copper gaining 0.84% to USD 12,812.00. Brent crude climbed 0.71% to USD 62.43, marking a third weekly gain.

Our Stance: Markets remain cautious as the Nifty trades below key technical supports amid weak momentum indicators. Global tariff risks, equity outflows, and currency pressure continue to cap upside. Commodity strength offers limited relief, while clarity on inflation trends and global policy direction is awaited before sentiment meaningfully improves.

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