Macros are all about national level or economy level data. They are a key data point for making an entry into stock markets. You need to ensure that macros are supportive because even with the best of stock selection, it is pointless if the macros are not supportive to you. First you need to check if the macros are supportive in terms of latent costs? When costs in the economy are rising due to higher inflation it has two implications. Firstly, the price of goods and services goes up along with inflation. Higher the inflation, higher is the rate at which the prices will move up. This is good for businesses as they get higher prices for their products but higher inflation is also indicative of higher interest rates. Higher interest rates are not positive for stock markets and that is something you need to be cautious about. Secondly, very low inflation or negative inflation is equally bad or at times it is worse. Very low inflation means that there is a demand slowdown in the economy and that means incomes are getting compressed. That is again not good news for stocks. Markets perform best when inflation stays at around acceptable levels for a long time without price disruptions. Be cautious when the inflation is too high or if it is too low.