Index Update: Nifty 50 declined 71.60 points to close at 26,178.70, easing from the day’s high but continuing to hold above the key 26,000 level. The index remains positioned above its 50-day SMA at 25,968.25, providing near-term support, while the RSI at 55.62 reflects improving momentum. Immediate support is placed around 25,500, with resistance seen near 26,500. A sustained move above 26,350 would be required to further reinforce near-term sentiment and upside strength.

Macro Update: The Indian rupee stayed weak near 90 per USD, extending its four-session decline amid ongoing US–India trade uncertainty and tariff threats. Persistent dollar demand and importer hedging pressured the currency, while muted foreign inflows added strain. RBI intervention may limit downside, though risks remain skewed toward 91.

Top Market Movers: On Tuesday, Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) led the gainers with a 3.74% increase, closing at INR 7,348.00 followed by ICICI Bank Ltd (NSE: ICICIBANK) up 2.89% at INR 1,411.20 and HDFC Life Insurance Co. Ltd (NSE: HDFCLIFE) which rose 2.44% to INR 777.85. On the downside followed Trent Ltd (NSE: TRENT) saw the largest drop, falling 8.63% to INR 4,047.60 followed Reliance Industries Ltd (NSE: RELIANCE) down 4.47% to INR 1,507.60 and ITC Ltd (NSE: ITC), which dropped 2.07% to INR 342.45.

Commodity Update: The U.S. dollar held firm near a two-week high in early Asian trade on Tuesday as market anxiety over U.S. military action in Venezuela eased and dovish Federal Reserve remarks supported risk appetite on Wall Street. Gold rose 0.49% to USD 4,474.20, silver surged 2.31% to USD 78.51, and copper advanced 1.39% to USD 13,225.00. Meanwhile, Brent crude slipped 0.20% to USD 61.61 on expectations of higher Venezuelan output and ample global supply amid weak demand.

Our Stance: Markets remain range-bound with a cautious positive bias as Nifty holds above key moving averages despite macro headwinds. PSU-led strength and selective buying support near-term stability, while currency weakness and global uncertainty cap upside. A decisive breakout above resistance is needed to confirm renewed momentum and improve risk appetite.

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