Index Update:  The Nifty 50 Index closed near 23,913.70, marginally lower in the latest session, while remaining slightly above its 50-day SMA near 23,683.66, reflecting a broadly stable near-term structure. Recent price action indicates consolidation following the recent recovery phase, with the index witnessing range-bound movement around current levels amid mixed market sentiment. The 14-day RSI near 51.51 moved above the neutral zone, reflecting balanced momentum conditions. Immediate support levels are placed near 23,700 and 23,450, while resistance is seen around 24,100 and 24,350. A sustained move above resistance zones may support further upward movement.

Macro Update: The Indian rupee eased near 95.4 per dollar as higher crude oil prices and renewed Middle East tensions increased pressure on the currency. Rising importer demand for dollars, inflation concerns following fuel price hikes, and expectations of further RBI rate hikes are likely to keep the rupee volatile despite recent central bank support.

Top Market Movers: On Tuesday, Adani Enterprises Limited (NSE:ADANIENT) led the gainers with a 4.20% increase, closing at INR 2,969.30 followed by Tata Motors Passenger Vhcls Ltd (NSE:TMPV)  up 3.31% at INR 385.60 and Tech Mahindra Limited (NSE:TECHM) which rose 1.62% to INR 1,458.70. On the downside followed Apollo Hospitals Enterprise Limited (NSE:APOLLOHOSP) saw the largest drop, falling 1.73% to INR 8,258.50 followed Wipro Limited (NSE:WIPRO) down 1.50% to INR 203.73 and Bharti Airtel Limited (NSE:BHARTIARTL), which dropped 1.49% to INR 1,846.90.

Commodity Update: The U.S. dollar remained under pressure on Tuesday as investors weighed hopes of a potential agreement to reopen the Strait of Hormuz and ease the three-month-long Iran conflict against fresh U.S. strikes on Iranian targets. Gold declined 0.74% to USD 4,570.90 per ounce, while silver dropped 1.77% to USD 77.01. Copper edged up 0.02% to USD 13,667.50 per tonne. Brent crude oil advanced 1.10% to USD 97.32 per barrel as Middle East tensions continued to keep energy markets volatile.

Our Stance: Indian equities continue to trade in a consolidation range amid mixed global cues, elevated crude oil prices, and persistent geopolitical uncertainty. While stable technical indicators and resilience above key support levels remain supportive, volatility in currency and commodity markets alongside inflation concerns may keep near-term market sentiment cautious.

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