John Gill Commentary Luke 1:28

"And he came in unto her, and said, Hail, thou that art highly favored, the Lord [is] with thee." — Luke 1:28 (ASV)

And the angel came in to her
Into her house, and into the room where she was:

and said, hail ;
all health, happiness, and prosperity attend you; (Matthew 28:9)

you are highly favoured ;
or graciously accepted, or has obtained grace; not referring to electing, redeeming; justifying, pardoning, adopting, and sanctifying grace, which she had in common with other saints; but to that special and particular favour, in being chosen and singled out from all other women, to be the mother of the Messiah:

the Lord is with you ;
so the angel to Gideon, (Judges 6:12) or "be with you", an usual form of salutation among the Jews; (Ruth 2:4)

you are blessed among women ;
and will be pronounced so by other women, as she was by Elisabeth, (Luke 1:42) and by another woman, (Luke 11:27) .