Index Update: The Nifty 50 slipped 12.60 points to 26,202.95 but continues to maintain a strong bullish structure near record highs. The index remains comfortably above the 51-day SMA at 25,553.58, reflecting firm underlying support. The RSI at 62.90 indicates steady, positive momentum. Key support stands at 25,500, while resistance is near 26,500. A sustained move above 26,250 could reinforce upward momentum and improve near-term sentiment.

Macro Update: The US dollar held steady even as markets firmed expectations of further Fed rate cuts, with an 87% chance of a December reduction. Easing safe-haven demand and potential progress on Ukraine talks supported the euro. For India, softer US yields and a weaker dollar backdrop remain supportive for INR stability and foreign inflows.

Top Market Movers: On Friday, Mahindra and Mahindra Ltd (NSE: M&M) led the gainers with a 2.07% increase, closing at INR 3,757.30 followed by Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA) up 1.18% at INR 1,831.60 and Adani Enterprises Ltd (NSE: ADANIENT) which rose 1.12% to INR 2,280.20. On the downside SBI Life Insurance Company Ltd (NSE: SBILIFE) saw the largest drop, falling 1.92% to INR 1,966.00 followed Shriram Finance Ltd (NSE: SHRIRAMFIN) down 1.84% to INR 851.65 and HDFC Life Insurance Company Ltd (NSE: HDFCLIFE), which dropped 1.74% to INR 764.30.

Commodity Update: The U.S. dollar headed for its weakest week since July as expectations grew for a Fed rate cut next month amid thin Thanksgiving trading. Gold rose 0.76% to USD 4,221.65, silver gained 1.98% to USD 54.23, and copper added 0.60% to USD 11,006. Brent crude held steady at USD 63.34, with markets awaiting updates from Russia-Ukraine peace efforts and Sunday’s OPEC+ meeting for supply cues.

Our Stance: Market stance remains cautiously optimistic as Nifty sustains its bullish setup despite a mild dip, supported by strong technical levels and stable global cues. Softer US yields, a weaker dollar, and firm commodity trends aid sentiment. A decisive move above 26,250 could revive momentum and strengthen near-term market confidence.

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