Index Update: Nifty 50 slipped 98.25 points to close at 25,320.65 after a gap-down opening, but recovered from the day’s low to finish near the session high. Despite the rebound, the index remains below its 50-day SMA at 25,875.81, which continues to cap upside. Momentum has slowed, with the RSI at 40.59, indicating stabilisation from lower levels. Support is seen near 25,000, while resistance lies around 26,500, with a sustained move above 26,350 needed to improve near-term confidence.

Macro Update: India’s industrial production rose 7.9% YoY in December 2025, the fastest pace since October 2023, beating 5.5% estimates. Growth was led by manufacturing (+8.1%), with support from mining (+6.8%) and electricity (+6.3%), easing concerns over tariff-led slowdown despite higher energy costs.

Top Market Movers: On Friday, Nestlé India Ltd (NSE: NESTLEIND) led the gainers with a 3.46% increase, closing at INR 1,332.50 followed by Tata Consumer Products Ltd (NSE: TATACONSUM) up 2.24% at INR 1,132.00 and Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) which rose 2.19% to INR 6,950.00. On the downside followed Hindalco Industries Ltd (NSE: HINDALCO) saw the largest drop, falling 5.98% to INR 962.80 followed Tata Steel Ltd (NSE: TATASTEEL) down 4.81% to INR 192.58 and Coal India Ltd (NSE: COALINDIA), which dropped 3.46% to INR 440.00.

Commodity Update: The U.S. dollar was set for a second consecutive weekly decline on Friday, as fresh tariff threats against countries trading with Cuba heightened global uncertainty and weighed on demand for U.S. assets. Commodities weakened, with gold down 1.60% to USD 5,269.00, silver lower by 2.36% to USD 111.65, and copper sliding 2.84% to USD 13,370.00. Meanwhile, Brent crude eased 0.20% to USD 70.50, despite rising Middle East tensions linked to a potential U.S. strike on Iran, a key OPEC producer.

Our Stance: Markets reflect a cautious undertone as Nifty remains below critical moving averages despite robust industrial production growth. Strength in defensives signals selective risk appetite, while sharp metal stock losses and global commodity weakness point to near-term volatility. Sustained index recovery hinges on technical breakouts and global macro stability.

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