Index Update: NIFTY 50 closed at 24,092.70, up 194.75 points (+0.81%), and is trading above its 21-day SMA around 23,656.42, indicating an improving short-term structure. Price action reflects a rebound from recent lows with signs of continuation after a brief pullback. The 14-day RSI near 51.98 is moving higher and remains above its signal line, suggesting improving momentum. Immediate support is placed at 23,800.00–23,500.00, while resistance stands at 24,300.00–24,600.00 and 25,000.00.

Macro Update: India’s 10-year G-Sec yield climbed to 6.95%, extending gains amid elevated Brent crude near USD 105 per barrel, which pressured bond prices. Higher currency hedging costs reduced foreign investor appetite, while geopolitical uncertainty and capital flow volatility are expected to keep yields fluctuating within the 6.85%–7.02% range near term.

Top Market Movers: On Monday, Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA) led the gainers with a 6.98% increase, closing at INR 1,733.50 followed by Jio Financial Services Limited (NSE:JIOFIN) up 3.22% at INR 253.64 and Reliance Industries Limited (NSE:RELIANCE) which rose 2.86% to INR 1,365.80. On the downside followed Shriram Finance Limited (NSE:SHRIRAMFIN)saw the largest drop, falling 3.62% to INR 974.65 followed Axis Bank Limited (NSE:AXISBANK) down 3.05% to INR 1,324.20 and Bharat Electronics Limited (NSE:BEL), which dropped 1.99% to INR 435.60.

Commodity Update: The U.S. dollar held steady on Monday as uncertain progress on resolving the Middle East conflict kept markets cautious, while the Japanese yen hovered just below the 160.00 level ahead of the Bank of Japan’s policy decision. Gold declined 0.13% to USD 4,735.20 and silver slipped 0.50% to USD 76.07. Copper gained 0.29% to USD 13,352.10. Brent crude rose 2.00% to USD 107.48 amid limited progress in U.S.-Iran talks.

Our Stance: Market sentiment remains cautiously positive as NIFTY 50 sustains above key moving averages, supported by improving momentum indicators. However, rising bond yields, elevated crude prices, and geopolitical uncertainty may limit sharp upside. Near-term outlook suggests range-bound movement with selective buying interest likely near support levels and resistance-driven profit booking.

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