Index Update: The NIFTY 50 Index is currently trading near 22,912.40, gaining around 1.78%, but continues to remain below its 50-day Simple Moving Average near 24,952.20, indicating a weak broader price structure. The recent price action reflects a sharp decline followed by a short-term rebound, suggesting a temporary recovery within a broader corrective phase. Momentum remains subdued, with the RSI near 34, indicating recovery from oversold levels. On the downside, 22,300–21,800 may act as a support zone, while 23,500–24,200 is likely to act as a resistance band, which may cap further upside.

Macro Update: India’s private sector growth moderated in March 2026, with the Composite PMI falling to 56.5, the lowest since October 2022, amid softer domestic demand and geopolitical tensions. Services activity slowed to a 14-month low, while Manufacturing PMI dropped to a 4½-year low. Despite rising cost pressures and market volatility, export demand remained strong and business sentiment stayed positive.

Top Market Movers: On Tuesday, Larsen & Toubro Limited (NSE:LT)  led the gainers with a 5.22% increase, closing at INR 3,516.80 followed by InterGlobe Aviation Limited (NSE:INDIGO) up 5.21% at INR 4,150.80 and Eternal Limited (NSE:ETERNAL) which rose 4.84% to INR 237.94. On the downside followed Coal India Limited (NSE:COALINDIA) saw the largest drop, falling 2.89% to INR 442.10 followed Power Grid Corporation of India Limited (NSE:POWERGRID) down 1.03% to INR 299.00 and Adani Enterprises Limited (NSE:ADANIENT), which dropped 0.82% to INR 1,817.90.

Commodity Update: The U.S. dollar weakened at the start of the week, extending losses after President Donald Trump delayed a planned strike on Iran’s power grid, easing fears of a prolonged conflict. Gold declined 1.10% to USD 4,390.60, silver fell 2.73% to USD 67.42, and copper slipped 1.11% to USD 12,049.70. Meanwhile, Brent crude surged 4.18% to USD 99.92 as Iran denied ongoing talks with the U.S. despite deal optimism.

Our Stance: The NIFTY50 shows a short-term rebound but remains in a broader weak trend below key averages. Momentum recovery is limited, with resistance likely near higher levels. Support remains crucial at lower zones. Macro softness and volatility may keep markets range-bound despite selective strength in equities and exports.

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