Index Update: The Nifty 50 rose 0.30% to close at 24,649.55 but stayed below the 50-day SMA of 25,046.30, reflecting continued consolidation. The RSI at 40.01 points to waning momentum, with selling pressure still present. Key support lies at 24,400; a breakdown below this level may trigger further downside. On the upside, resistance remains near 25,000, and a move above it could lead to a short-term rebound toward 25,400.

Macro Update: India’s Services PMI rose to an 11-month high of 60.5 in July, driven by strong demand and export growth. The Composite PMI remained robust at 61.0, reflecting solid expansion across sectors. Rising backlogs and prices indicate capacity pressures, while business sentiment softened amid inflation concerns and cautious hiring trends.

Top Market Movers: On Tuesday, IndusInd Bank Ltd (NSE: INDUSINDBK) led the gainers with a 1.88% increase, closing at INR 819.15 followed by Titan Company Ltd (NSE: TITAN) up 1.84% at INR 3,418.20, and Maruti Suzuki India Ltd (NSE: MARUTI) which rose 1.39% to INR 12,537.00. On the downside, Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS) saw the largest drop, falling 2.22% to INR 1,358.10 followed Adani Enterprises Ltd (NSE: ADANIENT) down 1.50% to INR 2,328.20 and Reliance Industries Ltd (NSE: RELIANCE), which dropped 1.40% to INR 1,391.70.

Commodity Update: The U.S. dollar fluctuated on Tuesday amid growing expectations of Federal Reserve rate cuts following the release of a weak U.S. jobs report. Investor sentiment was further pressured by concerns over the broader economic impact of recently imposed U.S. tariffs. Gold edged up 0.08% to $3,429.10, silver rose 0.35%, copper added 0.12%, while Brent crude slipped 0.10% to $68.72, stabilising after recent losses driven by increasing supply and demand concerns.

Our Stance: Maintain a cautious outlook amid ongoing consolidation in Nifty, with key support at 24,400 and resistance near 25,000. Services PMI strength signals underlying economic resilience, though inflation and hiring concerns persist. Focus remains on stock-specific moves and global cues, especially U.S. rate expectations and commodity price fluctuations.

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