Index Update: The Nifty 50 climbed 0.67% to close at 24,328.95 on Wednesday, holding above key moving averages and a descending trendline. Bullish candlestick patterns suggest strengthening momentum, while the RSI at 67.70 reflects sustained bullish sentiment. As the index approaches a potential breakout zone, key support and resistance levels will be crucial in determining direction. While the outlook is optimistic, caution remains essential in the near term.

Macro Update:India’s economic momentum strengthened in April 2025, with the Composite PMI climbing to 60.0 its highest in eight months. Manufacturing surged to a one-year high of 58.4, while services expanded at a four-month peak of 59.1. Strong new orders, robust export demand, and a tariff pause fueled growth, though rising input costs and competitive pressures moderated business confidence.

Top Market Movers: On Wednesday, HCL Technologies Ltd (NSE: HCLTECH) led the gainers with a 7.71% increase, closing at INR 114.10 followed by Tata Motors Ltd (NSE: TATAMOTORS) up 4.60% at INR 659.90, and Tech Mahindra Ltd (NSE: TECHM) which rose 4.58% to INR 1,439.60. On the downside, Grasim Industries Ltd (NSE: GRASIM) saw the largest drop, falling 2.32% to INR 2,685.60, followed HDFC Bank Ltd (NSE: HDFCBANK) down 1.93% to INR 1,923.90 and Kotak Mahindra Bank Ltd (NSE: KOTAKBANK), which dropped 1.84% to INR 2,227.00.

Commodity Update: The dollar hovered near a three-year low Tuesday after President Trump intensified criticism of Fed Chair Jerome Powell, calling him a "major loser" and urging immediate rate cuts. Investor confidence in the U.S. economy wavered. Gold surged 1.69% to $3,483.25, silver edged up 0.18% to $32.57, and copper rose 0.51%. Brent crude gained 0.80% to $66.77 as traders covered short positions despite ongoing economic concerns.

Our Stance: Indian equities remain on a positive trajectory with the Nifty 50 holding above key technical levels and showing bullish momentum. Strength in macro data, especially PMI readings, supports the outlook. However, rising costs, global uncertainties, and resistance levels suggest a need for cautious positioning and close monitoring of market signals in the near term.

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