Index Update:  The Nifty 50 Index closed near 24,031.70 in the latest session, posting a strong gain and reclaiming levels around its 51-day EMA near 24,014.49, indicating improving short-term sentiment. Recent price action suggests a recovery attempt after the sharp correction witnessed in March–April, with the index stabilizing above the 24,000 psychological mark amid renewed buying interest. The 14-day RSI near 54.35 has moved above the neutral 50 level, reflecting strengthening momentum and improving market breadth. Immediate support is now placed around 23,800–23,500, while near-term resistance is seen around 24,300–24,600.

Macro Update: India’s 10-year bond yield eased toward 7%, hitting a more than one-week low as softer crude oil prices and optimism around a potential US-Iran agreement improved market sentiment. Lower oil prices reduced inflation concerns, while RBI assurances on currency stability and inflation control further supported domestic bond markets.

Top Market Movers: On Monday, Eicher Motors Limited (NSE:EICHERMOT) led the gainers with a 6.19% increase, closing at INR 7,414.00 followed by Adani Enterprises Limited (NSE:ADANIENT)  up 4.87% at INR 2,849.70 and Bajaj Finance Limited (NSE:BAJFINANCE) which rose 2.77% to INR 941.90. On the downside followed Max Healthcare Institute Limited (NSE:MAXHEALTH) saw the largest drop, falling 2.19% to INR 1,000.85 followed Oil and Natural Gas Corporation Limited (NSE:ONGC) down 1.74% to INR 284.95 and Hindalco Industries Limited (NSE:HINDALCO), which dropped 0.87% to INR 1,099.60.

Commodity Update: The U.S. dollar weakened during early Asian trading on Monday amid optimism surrounding a potential reopening of the Strait of Hormuz, which pressured oil prices below USD 100 per barrel, despite the Trump administration downplaying prospects of an imminent Iran agreement. Gold rose 0.16% to USD 4,563.65, silver advanced 2.38% to USD 78.010, and copper increased 1.08% to USD 13,669.00. Meanwhile, Brent crude declined 4.71% to USD 95.53 per barrel.

Our Stance: Indian market remains cautiously optimistic as easing bond yields, softer crude oil prices, and improving technical indicators support near-term sentiment. Stability above the 24,000 level could strengthen momentum further, although global geopolitical developments, commodity price volatility, and resistance near 24,600 may continue to keep market participants selective.

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