Index Update: The Nifty 50 Index closed near 23,815.85, down 1.49% in the session, and slipped slightly below its 50-day SMA around 23,959.18, indicating a mildly weak near-term structure. Price action reflects consolidation following the recent rebound attempt, with the index witnessing renewed selling pressure near higher levels. The 14-day RSI near 46.11 has moved below the neutral 50 mark, suggesting momentum conditions have softened in the short term. Immediate support is placed around 23,600–23,350, while resistance is seen near 24,050–24,300. A sustained move beyond these levels could influence the index’s near-term directional trend.

Macro Update: India’s 10-year bond yield climbed to a one-month high near 7%, tracking weakness in global debt markets amid rising geopolitical tensions and elevated crude prices. Higher oil costs raised concerns over inflation and external balances, while investors remained cautious ahead of India’s April inflation data and expectations of tighter financial conditions.

Top Market Movers: On Monday, Tata Consumer Products Limited (NSE:TATACONSUM) led the gainers with a 8.06% increase, closing at INR 1,271.00 followed by Max Healthcare Institute Limited (NSE:MAXHEALTH) up 2.51% at INR 1,037.95 and Coal India Limited (NSE:COALINDIA) which rose 1.76% to INR 464.45. On the downside followed Titan Company Limited (NSE:TITAN) saw the largest drop, falling 6.73% to INR 303.40 followed InterGlobe Aviation Limited (NSE:INDIGO)down 4.94% to INR 4,299.40 and State Bank of India (NSE:SBIN), which dropped 4.48% to INR 973.60.

Commodity Update: The U.S. dollar strengthened against major currencies in early Asian trade on Monday after stronger-than-expected U.S. jobs data reinforced expectations of economic resilience. Safe-haven demand also increased as the fragile U.S.-Iran ceasefire remained under pressure. Gold declined 0.81% to USD 4,692.50, while silver gained 0.83% to USD 81.53 and copper rose 0.52% to USD 13,634.00. Brent crude oil surged 3.10% to USD 104.43 after U.S. President Donald Trump described Iran’s response to a U.S. peace proposal as “totally unacceptable,” keeping geopolitical tensions elevated.

Our Stance: Market sentiment may remain cautious in the near term amid persistent geopolitical tensions, elevated crude prices, rising bond yields, and softer technical indicators. Volatility could continue around key support and resistance zones, while upcoming inflation data and global macro developments are likely to influence investor positioning and broader market direction.

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