Index Update: NIFTY 50 ended at 24,378.10, down 0.81%, but continued to hold above its 21-day SMA near 23,488, keeping the broader rebound structure intact. The index has paused after approaching the 24,500–24,600 zone and is now consolidating near the upper end of its recent recovery range. The 14-day RSI eased to 56.44 but remained above its signal line, indicating that momentum is moderating rather than weakening. Immediate support is seen near 24,000, followed by 23,500, while resistance is placed around 24,500 and then 24,700.

Macro Update: India’s 10-year G-Sec yield held near 6.87%, reflecting cautious sentiment amid geopolitical tensions and elevated oil prices. Brent crude near $98 kept inflation risks in focus, while Moody’s lowered India’s FY2027 growth outlook to 6%, citing weaker consumption due to higher energy costs and persistent global uncertainties.

Top Market Movers: On Wednesday, Tata Consumer Products Limited (NSE:TATACONSUM) led the gainers with a 3.20% increase, closing at INR 1,178.60 followed by Hindustan Unilever Ltd (NSE:HINDUNILVR) up 2.51% at INR 2,368.80 and NTPC Limited (NSE:NTPC) which rose 2.32% to INR 405.40. On the downside followed HCL Technologies Limited (NSE:HCLTECH) saw the largest drop, falling 10.82% to INR 1,285.30 followed Infosys Limited (NSE:INFY)down 3.40% to INR 1,268.60 and Mahindra & Mahindra Limited (NSE:M&M), which dropped 3.01% to INR 3,149.70.

Commodity Update: The dollar steadied in early Asian trading on Wednesday as doubts persisted over U.S. President Donald Trump’s announcement of an indefinite extension to the Iran ceasefire, supporting safe-haven demand and lifting the greenback to a one-week high. Gold climbed 1.15% to USD 4,773.05, while silver advanced 1.72% to USD 77.81. Copper edged up 0.12% to USD 13,242.50. Meanwhile, Brent crude slipped 0.20% to USD 98.21 per barrel in Asian trade.

Our Stance: A cautiously positive stance is maintained on the market as NIFTY 50 holds above key moving averages despite near-term consolidation. Moderating momentum and elevated oil prices may keep volatility elevated; however, resilient domestic demand, stable support near 24,000, and ongoing sectoral rotation could support selective buying opportunities in the near term.

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