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Index Update: The Nifty 50 declined 0.31% to close at 24,574.20, remaining below the 50-day SMA of 25,039.20, indicating ongoing bearish consolidation. The RSI at 38.16 suggests weakening momentum, with persistent downside pressure. Immediate support is at 24,400; a breach could accelerate declines. On the upside, resistance is near 24,800, and a move above this level may open the door for a short-term recovery toward the 25,200 mark.

Macro Update: The RBI held the repo rate at 5.5% in August, citing easing inflation and stable growth. Inflation forecast was cut to 3.1%, while GDP growth estimates were retained. Policy stance remains neutral amid global trade headwinds. SDF and MSF rates were unchanged; prior CRR cut to 3% begins phased rollout in September.

Top Market Movers: On Wednesday, Asian Paints Ltd (NSE: ASIANPAINT) led the gainers with a 2.23% increase, closing at INR 2,491.20 followed by HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) up 1.90% at INR 752.55, and Bharat Electronics Ltd (NSE: BEL) which rose 0.79% to INR 389.70. On the downside, Wipro Ltd. (NSE: WIPRO) saw the largest drop, falling 2.42% to INR 239.96 followed Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA) down 2.26% to INR 1,595.20 and Indusind Bank Ltd (NSE: INDUSINDBK), which dropped 1.93% to INR 803.35.

Commodity Update: The dollar remained rangebound on Wednesday as investors awaited U.S. President Donald Trump's nominee for the Federal Reserve Board. Gold dipped 0.09% to $3,431.60, while silver inched up 0.02% to $37.83. Copper rose 0.17% to $9,660.80. Brent crude rebounded 0.40% to $66.93 from a five-week low, supported by concerns over supply disruptions following Trump’s tariff threats on India for its Russian oil imports.

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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