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Below the Quote on Market Wrap & Market Macros by Shrikant Chouhan, Head Equity Research, Kotak Securities

Market Wrap:

Today, our markets opened higher due to positive Asian markets, but they failed to sustain these levels and closed at the day's lowest point. Although the market did not break the previous day's lows, it closed below the closing of the previous day. Apart from Nifty Realty, Metal, and IT, other indices closed in the red. Based on the short-term market structure, the trend-setting levels are 23900/78290. If the market falls below this, it may decline to 23700 or 23600/78000-77800, where it has support from retracements and long-term averages. It's advisable to consider selective buying around this level. On the upside, the major resistance levels are 24150/79000 and 24400/79700. It's recommended to reduce weak long positions around 24300/24400.  

Market Macros:

Oil prices rose by over 1% on Tuesday, bouncing back from Monday's losses due to supply concerns stemming from the escalating Middle East conflict, strong U.S. services data, and production cuts at Libya’s Sharara oilfield. The potential for Iran to retaliate against recent attacks in the region has increased fears of a broader war, threatening global supply stability and impacting oil forecasts. The US ISM Services PMI came in at 51.4, slightly below the expected 51. With the Federal Reserve’s interest rate strategy under scrutiny, any positive US economic data could support the case for rate cuts.

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