Index Update: The Nifty 50 Index closed near 23,412.60, up 0.14% in the session, but remained below its 50-day SMA around 23,872.27, indicating a mildly weak near-term structure. Price action reflects consolidation following the recent rebound attempt, with the index attempting to stabilize near current levels after recent volatility. The 14-day RSI near 40.52 remains below the neutral 50 mark, suggesting subdued short-term momentum conditions despite the latest uptick. Immediate support is placed around 23,250–23,000, while resistance is seen near 23,650–23,900. A sustained move beyond these levels could influence the index’s next directional trend.

Macro Update: India’s 10-year bond yield eased near 7% after recent losses as investors returned to government securities. Sentiment improved following higher import duties on gold and silver aimed at supporting the rupee and controlling the current account deficit. However, elevated crude oil prices and persistent US-Iran tensions continued to limit bond market gains.

Top Market Movers: On Wednesday, Asian Paints Limited (NSE:ASIANPAINT) led the gainers with a 4.47% increase, closing at INR 2,617.60 followed by Adani Enterprises Limited (NSE:ADANIENT) up 3.86% at INR 2,498.00 and Tata Steel Limited (NSE:TATASTEEL) which rose 3.59% to INR 219.62. On the downside followed Eicher Motors Limited (NSE:EICHERMOT) saw the largest drop, falling 2.17% to INR 6,971.50 followed Mahindra & Mahindra Limited (NSE:M&M) down 2.02% to INR 3,111.80 and Power Grid Corporation of India Limited (NSE:POWERGRID), which dropped 1.57% to INR 301.50.

Commodity Update: The U.S. dollar stayed near a one-week high on Wednesday after stronger-than-expected U.S. inflation data pushed Treasury yields higher and weakened overall risk sentiment. Gold climbed 0.27% to USD 4,699.40, silver advanced 1.75% to USD 87.08, and copper gained 0.67% to USD 14,117.70. Brent crude slipped 0.76% to USD 106.95 after three straight sessions of gains, while investors tracked Middle East tensions and awaited talks between Donald Trump and Xi Jinping.

Our Stance: Markets may continue to remain range-bound amid weak technical momentum, elevated crude oil prices, and persistent geopolitical tensions. However, easing bond yields and selective buying in heavyweight stocks could provide near-term support. Investor sentiment is likely to stay cautious while tracking inflation trends, oil price movements, and key resistance levels.

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