Index Update: The Nifty 50 slipped 1.05% to close at 24,683.90 on Tuesday but held above key moving averages, reflecting continued market resilience. Despite the RSI easing to 57.97, indicating mild loss in momentum, the index remains in a bullish structure. A breakout above horizontal support reinforces the positive trend. While some short-term volatility is expected, improving sentiment and strong technical support suggest further upside potential in the near term.

Macro Update: India is negotiating a phased trade deal with the U.S. to avert July tariffs, focusing on market access and easing non-tariff barriers. The rupee weakened to 85.5/USD amid dollar strength and dovish RBI bets. Falling inflation and rate cuts drove the 10-year bond yield below 6.3%, a three-year low, boosting foreign inflows.

Top Market Movers: On Tuesday, Coal India Ltd (NSE: NSE: COALINDIA) led the gainers with a 1.34% increase, closing at INR 408.10 followed by Oil and Natural Gas Corporation Ltd (NSE: ONGC) up 1.09% at INR 249.26, and Tata Steel Ltd (NSE: TATASTEEL) which rose 0.71% to INR 158.69. On the downside, Eternal Ltd (NSE: ETERNAL) saw the largest drop, falling 4.10% to INR 228.28 followed Hero MotoCorp Ltd (NSE: HEROMOTOCO) down 3.33% to INR 4,241.60 and Bajaj Auto Limited (NSE: BAJAJ-AUTO), which dropped 3.23% to INR 8,565.00.

Commodity Update: The dollar remained range-bound Tuesday after a week of declines, pressured by the Fed’s cautious economic outlook and looming U.S. fiscal deficit concerns. Gold slipped 0.74% to $3,209.65, silver fell 0.48% to $32.35, and copper eased 0.37% to $9,487.05. Brent crude edged up 0.10% to $65.66 amid potential breakdowns in U.S.-Iran nuclear talks, dampening hopes for increased Iranian oil exports.

Our Stance: The outlook remains constructive despite near-term volatility. Nifty’s bullish structure and technical resilience support further upside. Progress on U.S.-India trade talks, easing inflation, and supportive RBI policy enhance macro stability. Sector rotation and selective strength in commodities and equities suggest continued opportunities, though global uncertainties warrant measured positioning.

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