Index Update: The Nifty 50 slipped 0.17% to close at 25,019.80 on Friday but continues to hold above key moving averages, indicating underlying strength. A breakout above the descending trendline and previous resistance reinforces a bullish outlook. The RSI at 65.29 suggests improving sentiment with scope for further upside. Despite potential short-term volatility near the breakout zone, the overall trend remains positive, with momentum likely to support continued gains ahead.

Macro Update: India-US trade talks advance as Minister Goyal leads delegation to Washington (May 17–20), targeting early wins in an interim goods deal. Meanwhile, India’s trade deficit widened to $26.42B in April, driven by strong import growth. Exports to the US jumped 30%, aided by a brief suspension of US tariffs.

Top Market Movers: On Friday, Bharat Electronics Ltd (NSE: BEL) led the gainers with a 3.85% increase, closing at INR 363.90 followed by Bajaj Auto Limited (NSE: NSE: BAJAJ-AUTO) up 1.88% at INR 8,482.50, and Tata Consumer Products Ltd (NSE: TATACONSUM) which rose 1.81% to INR 1,168.00. On the downside, Bharti Airtel Ltd (NSE: BHARTIARTL) saw the largest drop, falling 2.85% to INR 1,814.00 followed HCL Technologies Ltd (NSE: HCLTECH) down 2.13% to INR 1,659.90 and State Bank of India (NSE: SBIN), which dropped 1.94% to INR 792.10.

Commodity Update: The dollar declined alongside U.S. Treasury yields on Friday after weaker-than-expected U.S. economic data fueled expectations of further Federal Reserve rate cuts this year. Gold fell 0.12% to $3,222.40, silver dropped 0.08% to $32.65, and copper edged down 0.08% to $9,579.75. Meanwhile, Brent crude rose 0.26% to $64.70, heading for a weekly gain of over 1% as optimism over U.S.-China trade talks outweighed concerns about Iranian supply returning.

Our Stance: Nifty 50 remains resilient above key moving averages, with a bullish breakout and RSI near 65 signaling further upside potential. India-US trade talks progress with ministerial meetings in Washington. Trade deficit widens to $26.42B. US-bound exports surge. Brent crude gains, while gold and silver ease on rate cut expectations.

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