Index Update:  NIFTY 50 closed at 23,995.70, down 97.00 points (-0.40%), and is trading slightly below its 50-day SMA around 24,209.35, indicating a mildly weak near-term structure. Price action shows a rebound from recent lows followed by consolidation near current levels, suggesting a pause in momentum. The 14-day RSI near 50.50 is hovering around neutral and remains close to its signal line, reflecting balanced momentum. Immediate support is placed at 23,500.00–23,200.00, while resistance is seen at 24,200.00–24,600.00.

Macro Update: India and New Zealand signed a Free Trade Agreement in New Delhi, granting India duty-free access across all tariff lines while protecting sensitive sectors like dairy. The pact will gradually open Indian markets to New Zealand exports, boosting trade flows. India is also advancing additional trade agreements with the European Union and the United States.

Top Market Movers: On Tuesday, Oil and Natural Gas Corporation Limited (NSE:ONGC) led the gainers with a 5.39% increase, closing at INR 301.30 followed by Adani Enterprises Limited (NSE:ADANIENT) up 3.90% at INR 2,412.40 and Coal India Limited (NSE:COALINDIA) which rose 3.20% to INR 467.00. On the downside followed Axis Bank Limited (NSE:AXISBANK) saw the largest drop, falling 2.66% to INR 1,289.00 followed HCL Technologies Limited (NSE:HCLTECH) down 2.62% to INR 1,196.00 and InterGlobe Aviation Limited (NSE:INDIGO), which dropped 2.60% to INR 4,442.40.

Commodity Update: The Japanese yen held steady in Asian trade on Tuesday ahead of the Bank of Japan policy decision, while focus also remained on the Federal Reserve. Gold declined 0.15% to USD 4,686.40, silver slipped 0.61% to USD 74.56, and copper eased 0.19% to USD 13,191.80. Brent crude rose 0.40% to USD 108.68 amid tensions around the Strait of Hormuz and comments from Donald Trump on Iran.

Our Stance: Nifty remains in a consolidation phase with mildly negative bias as it trades below the 50-day SMA. Neutral RSI signals balanced momentum, while resistance near 24,200–24,600 may cap upside in the short term. Sustained support above 23,500 remains critical to prevent deeper downside pressure in the near term.

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