Rajesh Palviya, Head of Research, Axis Direct
The Nifty surrendered an early advance to close 32 points lower at 23,618 on Tuesday, forming a bearish candle with a pronounced upper shadow as late selling in index heavyweights erased gains from the broader market. Global cues remained unsupportive, with Wall Street extending losses for a third straight session as the S&P 500 declined 0.67%, while the US 30-year Treasury yield climbed to its highest level in nearly 19 years, intensifying concerns around elevated global interest rates and tighter liquidity conditions. Rising U.S. bond yields also kept the dollar firm, pushing the Indian rupee to fresh record lows against the greenback and adding pressure on emerging-market sentiment. Asian markets are trading mixed this morning. Among commodities, gold remains elevated near $4,500, silver hovers around $74, copper is steady, while Brent crude continues to hold above $110 – an unfavorable setup for inflation and currency stability. GIFT Nifty indicates a negative opening for domestic equities. Technically, the 23,400-23,300 zone remains a crucial support band for the bulls; a decisive breach could drag the index toward 23,100-23,000. On the upside, unless Nifty reclaims 23,750 decisively, momentum is likely to remain capped, while only a sustained move above 23,900-24,000 would meaningfully improve the near-term outlook.