Index Update: NIFTY 50 ended at 24,364.85, up 0.05%, and continued to trade above its 21-day SMA near 23,412, keeping the recent rebound structure intact. The index has recovered sharply from the 22,000 zone and is now consolidating below a key resistance band. The 14-day RSI near 57.24 remains above its signal line, reflecting improving momentum. Immediate support is placed at 24,000, followed by 23,500. Resistance is seen near 24,700, while a move above that level could extend the rebound toward 25,000.

Macro Update: The Indian rupee weakened to around 93.3 per dollar as the RBI eased recent FX restrictions, increasing currency volatility. Sentiment remained cautious amid geopolitical uncertainty linked to the potential expiry of the US–Iran truce. External risks and policy adjustments continue to influence forex market movements and short-term currency direction.

Top Market Movers: On Tuesday, Nestle India Ltd (NSE:NESTLEIND) led the gainers with a 7.27% increase, closing at INR 1,379.90 followed by Hindustan Unilever Ltd (NSE:HINDUNILVR) up 3.55% at INR 2,310.70 and Trent Ltd (NSE:TRENT) which rose 3.48% to INR 4,390.50. On the downside followed SBI Life Insurance Company Ltd (NSE:SBILIFE) saw the largest drop, falling 3.58% to INR 1,911.60 followed Bharat Electronics Ltd (NSE:BEL) down 1.32% to INR 451.50 and Jio Financial Services Ltd (NSE:JIOFIN), which dropped 1.01% to INR 234.75.

Commodity Update: The U.S. dollar edged lower on Monday after the United States seized an Iranian cargo ship over the weekend, raising doubts about whether the temporary ceasefire between Washington and Tehran would continue. Currency traders also remained cautious before Tuesday’s hearing of Kevin Warsh, President Donald Trump’s nominee to replace Jerome Powell. In commodities, gold slipped 0.08% to USD 4,825.50, silver declined 1.01% to USD 79.23, copper eased 0.11% to USD 13,254.80, and Brent crude dropped 1.00% to USD 94.53 overnight.

Our Stance: Markets remain in a consolidation phase near recent highs as geopolitical tensions and currency volatility temper risk appetite. Holding above key support levels suggests resilience, though upside momentum may stay gradual unless resistance zones are decisively breached. External developments and commodity trends are likely to guide near-term sentiment and directional bias.

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