Index Update: NIFTY 50 Index is trading near 23,842.65, down around 0.86%, and remains below the 50-day SMA near 24,470.06, indicating that the broader structure continues to stay weak. However, the index has rebounded from recent lows and is attempting to stabilise near current levels, suggesting that near-term momentum is improving. The chart continues to show a recovery from the recent correction, while the 14-day RSI near 51.70 has moved above the neutral mark, pointing to improving momentum. Immediate support is placed in the 23,300.00–22,800.00 zone, while resistance is seen near the 24,400.00–25,000.00 range.

Macro Update: India’s 10-year government bond yield rose toward 6.9%, pressured by a sharp surge in oil prices and heightened geopolitical tensions. Rising Brent crude and continued foreign portfolio outflows weighed on sentiment, with markets expecting yields to remain volatile within the 6.85%–7.00% range amid inflation and growth uncertainties.

Top Market Movers: On Monday, HDFC Life Insurance Company Ltd. (NSE:HDFCLIFE) led the gainers with a 2.47% increase, closing at INR 619.10 followed by ICICI Bank Ltd. (NSE:ICICIBANK) up 2.21% at INR 1,351.10 and Adani Enterprises Ltd. (NSE:ADANIENT)       which rose 2.02% to INR 2,129.00. On the downside followed Eicher Motors Ltd. (NSE:EICHERMOT) saw the largest drop, falling 5.04% to INR 7,050.00 followed Maruti Suzuki India Ltd. (NSE:MARUTI) down 4.62% to INR 13,076.00 and InterGlobe Aviation Ltd. (NSE:INDIGO), which dropped 2.79% to INR4,427.20.

Commodity Update: U.S. dollar rose to its strongest level in one week during early Asian trade on Monday after peace talks between the United States and Iran collapsed and the U.S. Navy prepared to blockade Iranian ports. Gold declined 0.99% to USD 4,739.80, silver dropped 2.78% to USD 74.35, and copper slipped 0.66% to USD 12,771.00. Meanwhile, Brent crude jumped 7.36% to USD 102.20, moving back above USD 100.00 per barrel again.

Our Stance: Market stance remains cautiously neutral as NIFTY 50 stabilises after recent declines but continues to trade below key resistance levels. Improving RSI signals short-term recovery potential, though elevated oil prices, rising bond yields, and geopolitical tensions may sustain volatility and limit upside momentum in the near term.

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