Nifty closed higher at 23,123 (+0.68%), but the move was more selective than broad-based. Midcaps underperformed and breadth, while positive, wasn’t as strong as previous sessions - indicating stock-specific buying rather than full risk-on. What worked today: • IT led the move strongly • Metals & realty added support • Digital & defence saw steady flows Where pressure was visible: • PSU banks remained weak • Tourism stocks saw profit booking Macro layer: • Bond yields eased, supportive for equities • Rupee stabilized slightly • Crude still elevated near $113 → keeps inflation concerns alive Ongoing Middle East tensions continue to keep oil volatile. Structure view: Market is gradually inching higher, but still within a supply zone above. Sustaining above current levels is key, else this can turn into another range-bound phase. Key trigger tomorrow: Market will watch RBI rate decision cues / policy signals, which can influence liquidity, banks and overall sentiment. In the end it is not a runaway rally. More of a controlled, sector-driven move. Next direction will depend on macro + policy cues.

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