Index Update: The Nifty 50 declined 96.25 points to close at 25,795.15, halting its recent rally after touching fresh record highs. Despite the mild pullback, the index remains comfortably above the 51-day EMA at 25,140.53, which acts as strong support. The RSI at 67.92 indicates bullish momentum with minor overbought conditions. Immediate support lies at 25,670, while resistance is seen near 26,000. Sustained trade above 25,670 could keep the broader uptrend intact.

Macro Update: India’s October PMI data showed mixed momentum. Manufacturing activity strengthened to 58.4 on GST relief and steady new orders, while services growth eased to a five-month low of 58.8 amid weather disruptions and competition. Consequently, the composite PMI slipped to 59.9, reflecting softer demand, slower employment gains, and moderating input costs, though overall business optimism persisted.

Top Market Movers: On Friday, Hindalco Industries Ltd (NSE: HINDALCO) led the gainers with a 4.04% increase, closing at INR 824.45 followed by Bharti Airtel Ltd (NSE: BHARTIARTL) up 1.07% at INR 2,029.30 and Oil and Natural Gas Corporation Ltd (NSE: ONGC) which rose 1.05% to INR 254.96. On the downside, Cipla Ltd (NSE: CIPLA) saw the largest drop, falling 3.69% to INR 1,584.40 followed Hindustan Unilever Ltd (NSE: HINDUNILVR) down 3.27% to INR 2,516.40 and Max Healthcare Institute Ltd (NSE: MAXHEALTH), which dropped 2.22% to INR 1,184.10.

Commodity Update: The U.S. dollar held steady on Friday, set for a modest weekly gain as markets awaited delayed inflation data ahead of next week’s expected Fed rate cut. Gold slipped 0.44% to USD 4,127.50, silver fell 0.96% to USD 48.23, and copper eased 0.29% to USD 10,815.70. Brent crude declined 0.80% to USD 65.45 but remained on track for a weekly rise amid U.S. sanctions on Russian oil majors.

Our Stance: The Nifty 50 remains in a structurally positive zone despite mild profit-taking near record highs. Momentum indicators suggest consolidation above 25,670 could precede another upward leg. Macro data point to steady manufacturing resilience, supporting medium-term optimism, though near-term caution may persist amid softer services growth and global commodity volatility.

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