Nifty Holds Above Key Support as RBI Policy Decision Takes Centre Stage

Index Update: The Nifty 50 Index closed near 24,614.90, remaining above its 50-day SMA of 23,944.18, indicating that the medium-term technical structure continues to strengthen. Recent price action reflects mild profit booking after the recent rally, with the index continuing to trade comfortably above its moving average despite the pullback. The 14-day RSI stood at 61.77, suggesting momentum remains positive while staying below overbought territory. Immediate support is placed near 24,490.00 and 24,360.00, while resistance is seen around 24,740.00 and 24,870.00. A sustained move beyond these levels could influence the index's next directional trend.

Macro Update: India's 10-year government bond yield eased to around 6.8% as investors adopted a cautious stance ahead of the RBI's policy decision, with rates expected to remain unchanged. Softer crude oil prices supported bond sentiment, while markets also monitored the upcoming state bond auction and continued foreign inflows despite delayed global bond index inclusion.

Top Market Movers: On Tuesday, Apollo Hospitals Enterprise Limited (NSE: APOLLOHOSP) led the gainers with a 2.61% increase, closing at INR 9,050.00 followed by Hindalco Industries Limited (NSE: HINDALCO) up 2.52% at INR 1,020.00 and Trent Limited (NSE: TRENT) which rose 1.89% to INR 3,107.00. On the downside followed Grasim Industries Limited (NSE: GRASIM) saw the largest drop, falling 3.74% to INR 3,138.00 followed HDFC Life Insurance Company Limited (NSE: HDFCLIFE) down 3.10% to INR 535.95 and Bajaj Auto Limited (NSE: BAJAJ-AUTO) which dropped 2.16% to INR 11,600.00.

Commodity Update: Asian currencies traded mixed on Tuesday as investors remained cautious ahead of fresh developments surrounding proposed U.S.-Iran negotiations, while the Japanese yen edged lower after strengthening following last week's coordinated U.S.-Japan currency intervention. Commodity markets advanced, with gold rising 0.62% to USD 4,115.85 per ounce, silver gaining 1.80% to USD 58.89 per ounce, and copper increasing 0.56% to USD 13,927.70 per metric ton. Brent crude oil climbed 0.70% to USD 84.39 per barrel as persistent Middle East supply risks continued to outweigh recent price declines.

Our Stance: The Nifty 50 continues to trade above its 50-day SMA, indicating that the broader market structure remains constructive despite recent profit booking. Investors are expected to closely monitor the RBI's policy decision, global commodity trends, and foreign fund flows, while key support and resistance levels may guide near-term market direction.

Disclaimer:

The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.

Copyright 2026 Krish Capital Pty. Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.