Index Update:  The Nifty 50 Index closed near 23,907.15, marginally lower in the latest session, while remaining slightly above its 21-day SMA near 23,869.11, reflecting a broadly stable near-term structure. Recent price action indicates consolidation following the recent recovery phase, with the index witnessing range-bound movement around current levels amid mixed market sentiment. The 14-day RSI near 51.35 moved above the neutral zone, reflecting balanced momentum conditions. Immediate support levels are placed near 23,700 and 23,450, while resistance is seen around 24,100 and 24,350. A sustained move above resistance zones may support further upward movement.

Macro Update: Indian markets declined for a second session amid geopolitical tensions, elevated crude oil prices, and continued foreign outflows. Concerns over the US-Iran conflict and disruptions in the Strait of Hormuz weighed on sentiment. Despite external pressures, India’s economy remains relatively resilient, supported by domestic demand, infrastructure spending, and steady economic growth outlook.

Top Market Movers: On Wednesday, Hindalco Industries Limited (NSE:HINDALCO)  led the gainers with a 4.16% increase, closing at INR 1,149.70 followed by Tata Motors Passenger Vhcls Ltd (NSE:TMPV)  up 3.98% at INR 400.95 and Power Grid Corporation of India Limited (NSE:POWERGRID) which rose 2.60% to INR 300.15. On the downside followed Oil and Natural Gas Corporation Limited (NSE:ONGC) saw the largest drop, falling 4.68% to INR 274.05 followed ITC Limited (NSE:ITC) down 3.22% to INR 291.95 and HDFC Bank Limited (NSE:HDFCBANK), which dropped 2.60% to INR 758.65.

Commodity Update: The U.S. dollar weakened slightly on Wednesday as traders reduced expectations of further interest rate hikes amid improving hopes for a potential peace agreement between Washington and Iran, although fresh U.S. strikes continued to support safe-haven demand. Gold rose 0.08% to USD 4,538.50, silver gained 0.70% to USD 77.14, and copper advanced 0.67% to USD 13,730.10. Brent crude declined 1.57% to USD 95.316 as U.S.-Iran negotiations continued despite recent exchange-of-fire reports.

Our Stance: Market sentiment may remain cautiously range-bound in the near term amid persistent geopolitical uncertainty, foreign fund outflows, and crude oil volatility. However, stable domestic macroeconomic conditions, resilient consumption trends, and continued infrastructure spending could provide support to broader market stability, while sustained movement above key resistance levels may improve near-term market momentum.

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