Index Update: The NIFTY 50 Index closed near 23,581.15, rising 172.35 points (0.74%) in the session. Despite the recovery, the index continues to trade well below its 50-day Simple Moving Average at 25,248.41, indicating that the broader technical structure remains weak on the daily chart. Momentum indicators remain subdued, with the RSI near 33.18, suggesting the index is still hovering close to oversold territory following the recent decline. On the downside, 23,100.00–22,800.00 may act as a near-term support zone, while 24,000.00–24,500.00 could act as resistance in the short term.

Macro Update: India’s unemployment rate eased to 4.9% in February 2026, defying expectations of a rise to 5.1%, signaling resilience in the labor market. Strength in manufacturing and government support measures aided stability. Urban unemployment moderated slightly, while rural levels remained steady, with labor force participation unchanged at 55.9%, reflecting stable workforce engagement.

Top Market Movers: On Tuesday, Eternal Limited (NSE:ETERNAL) led the gainers with a 5.67% increase, closing at INR 234.63 followed by Tata Steel Limited (NSE:TATASTEEL) up 4.54% at INR 195.43 and Mahindra & Mahindra Limited (NSE:M&M) which rose 3.06% to INR 3,128.90. On the downside followed Wipro Limited (NSE:WIPRO) saw the largest drop, falling 1.94% to INR 191.32 followed Cipla Limited (NSE:CIPLA) down 1.39% to INR 1,281.90 and Infosys Limited (NSE:INFY), which dropped 1.35% to INR 1,232.90.

Commodity Update: The U.S. dollar traded in a narrow range on Tuesday as markets assessed ongoing geopolitical tensions involving Iran, while the Australian dollar edged lower ahead of a widely anticipated central bank rate decision. In commodities, gold rose 0.51% to USD 5,027.60, silver gained 0.68% to USD 81.22, and copper advanced 0.24% to USD 12,888.80. Brent crude climbed 2.10% to USD 102.28 amid persistent supply concerns.

Our Stance: The market outlook remains cautiously negative despite the recent rebound, as Nifty continues to trade below key moving averages with weak momentum indicators. While macro data shows resilience, technical structure suggests limited upside. Sustained recovery will depend on holding support levels and improved global cues, with volatility likely to persist in the near term.

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