Index Update:  The Nifty 50 Index closed near 23,242.10, remaining below its 50-day SMA of 23,700.08, reflecting a cautious near-term technical structure. Recent price action indicates the index continues to trade within a broader consolidation phase after recovering from its earlier sharp decline, although upside momentum remains limited near current levels. The 14-day RSI stood near 39.58, staying below the neutral 50 mark and suggesting weaker momentum conditions. Immediate support is seen near 23,100.00 and 22,900.00, while resistance levels are located around 23,450.00 and 23,700.00. A sustained move above resistance could improve the near-term outlook, while a break below support may expose the index to additional downside pressure.

Macro Update: The Indian rupee strengthened to around ₹95.4 per US dollar, supported by softer crude oil prices and easing geopolitical tensions in the Middle East. Lower energy costs reduced concerns over India's import bill, while RBI measures to boost foreign currency inflows aided sentiment. However, elevated US bond yields may continue to limit gains.

Top Market Movers: On Tuesday, InterGlobe Aviation Limited (NSE: INDIGO)  led the gainers with a 4.08% increase, closing at INR 4,537.60 followed by Jio Financial Services Limited (NSE: JIOFIN) up 2.34% at INR 234.21 and Tech Mahindra Ltd. (NSE: TECHM) which rose 2.17% to INR 7,203.00. On the downside followed Oil and Natural Gas Corporation Limited (NSE: ONGC) saw the largest drop, falling 2.13% to INR 259.00 followed Titan Company Limited (NSE: TITAN)  down 2.09% to INR 4,104.90 and NTPC Limited (NSE: NTPC) which dropped 1.86% to INR 355.65.

Commodity Update: The U.S. dollar remained slightly weaker as investors assessed easing tensions between Iran and Israel after both sides paused hostilities following diplomatic efforts led by U.S. President Donald Trump. The softer dollar provided some support to commodity markets, although price action remained mixed. Gold slipped 0.08% to USD 4,359.80 per ounce, while silver declined 1.21% to USD 67.75 and copper eased 0.22% to USD 13,585.30 per tonne. Brent crude fell 0.68% to USD 93.62 per barrel as concerns over immediate supply disruptions in the Middle East moderated.

Our Stance: The market continues to exhibit a cautious tone as the Nifty remains below its 50-day SMA and key resistance levels. Softer crude oil prices, rupee strength, and easing geopolitical tensions are supportive factors. However, subdued momentum indicators and elevated global bond yields may limit near-term upside potential and keep volatility elevated.

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