Index Update: The NIFTY 50 Index is currently trading near 23,306.45, gaining around 1.72%, but continues to remain below its 50-day Simple Moving Average near 24,902.52, indicating a weak broader price structure. The recent price action reflects a sharp decline followed by a rebound from lower levels, suggesting early signs of stabilisation within an ongoing corrective phase. Momentum remains subdued, with the RSI near 40.12, indicating recovery from oversold levels but still below neutral. On the downside, 22,600–22,200 may act as a near-term base zone, while 23,800–24,500 is likely to act as a resistance band, potentially capping further upside.

Macro Update: The Indian rupee hovered near record low levels around 94 per dollar, reflecting external pressure from foreign outflows and fiscal-year-end dollar demand. Moderation in crude oil prices following geopolitical developments provided limited relief. Ongoing monitoring of oil price trends, foreign flows, and global risk sentiment remains critical for currency movement.

Top Market Movers: On Wednesday, Shriram Finance Limited (NSE:SHRIRAMFIN) led the gainers with a 5.80% increase, closing at INR 956.00 followed by UltraTech Cement Limited (NSE:ULTRACEMCO) up 4.09% at INR 11,204.00 and Bajaj Finance Limited (NSE:BAJFINANCE) which rose 3.98% to INR 882.75. On the downside followed Tech Mahindra Limited (NSE:TECHM)  saw the largest drop, falling 1.69% to INR 1,408.50 followed Power Grid Corporation of India Limited (NSE:POWERGRID) down 1.34% to INR 295.00 and Tata Consultancy Services Limited (NSE:TCS), which dropped 0.89% to INR 2,377.40.

Commodity Update: Currency markets showed early signs of fatigue in Asian trade on Wednesday, as traders remained cautious over U.S. President Donald Trump’s push to end the Iran conflict. While Trump indicated progress in discussions, Iran denied any direct negotiations, keeping uncertainty elevated. Gold surged 4.12% to USD 4,616.20, silver rose 6.07% to USD 73.95, and copper gained 1.53% to USD 12,242.00. Meanwhile, Brent crude declined 6.30% to USD 97.90, slipping below USD 100 amid easing supply concerns.

Our Stance: Market conditions reflect cautious stabilisation following recent volatility, with recovery attempts visible but broader trend signals remaining subdued. Resistance zones continue to limit sustained upside, while macro factors such as currency pressure and commodity volatility add uncertainty. Near-term outlook indicates range-bound movement, with selective participation likely across sectors and defensive positioning remaining relevant.

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