Index Update: NIFTY 50 is trading near 24,196.75, down around 0.14% in the session, but continues to hold above its 21-day SMA near 23,309.34, indicating that the recent rebound remains intact. The index has recovered sharply from the recent low zone near 22,000 and is now consolidating near the upper end of the recent range. The 14-day RSI near 55.40 has improved from lower levels and remains above its signal line, suggesting that momentum continues to favour the upside. Immediate support is placed around 23,800–23,500, while resistance is seen near 24,400–24,600.

Macro Update: The Indian rupee remained steady near 93.2 per dollar, supported by easing geopolitical tensions and softer crude prices. However, persistent dollar demand from importers limited gains. Mixed domestic signals, including a slight rise in unemployment and a narrower trade deficit of $20.67 billion, kept the currency moving within a narrow range.

Top Market Movers: On Thursday, Hindalco Industries Limited (NSE:HINDALCO) led the gainers with a 2.81% increase, closing at INR 1,039.90 followed by Adani Enterprises Limited (NSE:ADANIENT) up 2.27% at INR 2,203.70 and Trent Limited (NSE:TRENT) which rose 2.64% to INR 4,083.30. On the downside followed HDFC Bank Limited (NSE:HDFCBANK) saw the largest drop, falling 1.78% to INR 795.45 followed Oil and Natural Gas Corporation Limited (NSE:ONGC) down 1.69% to INR 282.75 and HDFC Life Insurance Company Limited (NSE:HDFCLIFE), which dropped1.40% to INR 631.50.

Commodity Update: On Thursday, the U.S. dollar remained clos e to its weakest level since early March against major currencies as optimism over a possible peace agreement between the United States and Iran improved market sentiment and reduced demand for safe-haven assets. Gold rose 0.45% to USD 4,846.15 per ounce, silver climbed 1.09% to USD 80.50, and copper advanced 0.19% to USD 13,312.70. Meanwhile, Brent crude slipped 0.09% to USD 94.83 per barrel.

Our Stance: The market outlook remains cautiously positive as the NIFTY 50 continues to hold above key moving averages, indicating sustained recovery momentum. However, consolidation near resistance levels suggests limited near-term upside. Persistent macro uncertainties and selective sector strength may keep indices range-bound, with buying interest likely emerging near key support zones.

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