Index Update: The NIFTY 50 Index is currently trading near 23,123.65, gaining around 0.68% in the session, but remains below its 50-day Simple Moving Average near 24,573.88, indicating that the broader structure continues to stay weak. Recent price action reflects a rebound from the sharp March decline, with the index attempting to stabilise above the 22,500.00 zone. The 14-day RSI near 43.46 has improved from weaker levels but remains below the neutral 50 mark, suggesting momentum is recovering gradually. On the downside, 22,500.00–22,200.00 may act as a support zone, while 23,500.00–23,800.00 is likely to remain the immediate resistance band.

Macro Update: The Reserve Bank of India (RBI) policy decision on Wednesday is expected to keep interest rates steady at 5.25%, reflecting stable inflation and steady growth conditions. However, markets will closely monitor policy guidance for signals on future rate cuts, inflation outlook, and liquidity stance, which could influence bond yields, currency, and equity market sentiment.

Top Market Movers: On Tuesday, Wipro Limited (NSE:WIPRO) led the gainers with a 3.77% increase, closing at INR 204.72 followed by Hindalco Industries Limited (NSE:HINDALCO) up 2.92% at INR 954.50 and HCL Technologies Limited (NSE:HCLTECH) which rose 2.73% to INR 1,441.60. On the downside followed Dr. Reddy’s Laboratories Limited (NSE: DRREDDY) saw the largest drop, falling 1.78% to INR 1,196.10 followed Adani Enterprises Limited (NSE:ADANIENT) down 1.06% to INR 1,882.10 and InterGlobe Aviation Limited (NSE:INDIGO), which dropped 1.01% to INR 4,268.80.

Commodity Update: On Tuesday, the U.S. dollar strengthened against major currencies after Iran rejected a ceasefire proposal and President Donald Trump intensified threats toward Tehran. Investor sentiment remained cautious amid fears of a wider Middle East conflict and an approaching diplomatic deadline. Gold slipped 0.26% to USD 4,672.05 per ounce, silver declined 0.27% to USD 72.61, while copper rose 0.68% to USD 12,422.00. Brent crude also gained 0.40% to USD 110.00.

Our Stance: Market sentiment remains cautiously optimistic as the NIFTY 50 Index attempts to stabilise after recent declines. However, trading below key moving averages and lingering geopolitical risks suggest volatility may persist. Policy guidance from the Reserve Bank of India and global developments will likely shape near-term market direction.

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