Index Update: The Nifty 50 declined 19.80 points to close at 24,634.90, slipping below the 50-day SMA at 24,855.12, which now serves as strong resistance. The RSI at 38.79 reflects sustained downward momentum, moving closer to oversold territory. A move above 25,500 could open room for further upside, while 24,430 remains the key support level to watch for potential pullbacks.

Macro Update: India is exploring purchases of US corn for ethanol and higher energy imports to advance trade deal talks. In return, New Delhi seeks removal of US tariffs on Russian oil imports. Concerns over GM crops and farmer protection remain central, while India-US trade touched USD 10.46 billion in August.

Top Market Movers: On Monday, Titan Company Ltd (NSE: TITAN) led the gainers with a 2.22% increase, closing at INR 3,401.20 followed by Wipro Ltd (NSE: WIPRO) up 1.65% at INR 239.64 and State Bank of India (NSE: SBIN) which rose 1.61% to INR 870.75. On the downside, Axis Bank Ltd (NSE: AXISBANK) saw the largest drop, falling 1.89% to INR 1,132.20 followed Maruti Suzuki India Ltd (NSE: MARUTI) down 1.85% to INR 15,984.00 and Dr Reddy's Laboratories Ltd (NSE: DRREDDY), which dropped 1.48% to INR 1,234.60.

Commodity Update: The dollar eased on Monday ahead of upcoming U.S. economic releases that may clarify the Federal Reserve’s rate direction, while concerns about a potential government shutdown intensified. Gold gained 0.38% to $3,820.00, silver rose 0.23% to $46.76, and copper advanced 0.70% to $10,283.50. Brent crude fell 0.90% to $69.50 after Iraq’s Kurdistan restarted exports via Turkey and OPEC+ prepared for a fresh output increase in November.

Our Stance: Nifty’s slip below the 50-day SMA signals sustained weakness, with RSI nearing oversold levels. Trade negotiations and commodity market moves add to volatility. Defensive positioning is prudent while monitoring 24,430 as key support. A breakout above 25,500 would confirm strength and open scope for renewed upside momentum.

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