Index Update: The NIFTY 50 Index is trading near 22,512.65, down 2.60% as of March 23, 2026, and remains well below its 50-day Simple Moving Average near 25,007.62, indicating a weak broader price structure. The recent price action reflects a continued downward move following a prior decline, with limited signs of recovery so far. Momentum remains subdued, with the RSI near 27.17, indicating oversold conditions. On the downside, 21,700–21,200 may act as a support zone, while 23,500–24,200 is likely to act as a resistance band, which may limit any near-term pullback.

Macro Update: India’s 10-year government bond yield rose to around 6.84%, marking a 16-month high amid rising crude oil prices and elevated US Treasury yields. Persistent geopolitical tensions and heavy domestic debt supply weighed on sentiment, while rupee weakness and inflation concerns increased pressure on bonds, pushing yields higher across the sovereign debt market.

Top Market Movers: On Monday, HCL Technologies Limited (NSE:HCLTECH) led the gainers with a 1.87% increase, closing at INR 1,358.60 followed by Power Grid Corporation of India Limited (NSE:POWERGRID) up 1.51% at INR 302.10 and Infosys Limited (NSE:INFY) which rose 0.07% to INR 1,256.80. On the downside followed Shriram Finance Limited (NSE:SHRIRAMFIN) saw the largest drop, falling 6.49% to INR 877.70 followed Titan Company Limited (NSE:TITAN) down 6.17% to INR 3,853.10 and Trent Limited (NSE:TRENT), which dropped 5.70% to INR 3,356.70.

Commodity Update: The U.S. dollar showed signs of a rebound on Monday as escalating tensions in the Middle East dampened risk appetite, supporting safe-haven demand. Meanwhile, commodities witnessed broad weakness, with gold dropping 4.79% to USD 4,389.40 and silver declining 6.56% to USD 65.10. Copper slipped 0.58%, while Brent crude remained nearly flat near USD 112.18 amid mixed signals around supply risks and easing sanctions on Iranian oil exports.

Our Stance: Market sentiment remains cautious as weak technical indicators, elevated bond yields, and ongoing geopolitical tensions continue to weigh on risk appetite. Although oversold conditions may support short-term rebounds, persistent macro headwinds and nearby resistance zones could limit upside potential, favouring a defensive approach with selective accumulation near key support levels.

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