Exegesis:

mē phobou cf. on v. 13.

heures gar charin para tō theō ‘for you have found grace with God,’ a well known Old Testament phrase; cf. Gen 6.8; 18.3; 19.19; 30.27; 32.5; 33.8, 10; 47.29, where the meaning usually is ‘to win somebody’s favour’ with a view to receiving a boon; but here as in Gen. 6.8 and Acts 7.46 election for some specific divine purpose is implied.

charis ‘attractiveness,’ ‘favour,’ ‘grace,’ ‘goodwill,’ ‘gratitude.’

Translation:

Do not be afraid, Mary. The vocative, ‘Mary,’ may have to be put at the head of the clause, e.g. in Marathi, Balinese, and/or to be preceded by an exclamatory particle. — In a language like Balinese the angel, as being God’s messenger, uses non-honorific terms in addressing Mary.

You have found favour with God, or ‘favour in God’s sight.’ Syntactic shifts may be preferable, e.g. ‘the favour of God has happened upon you’ (Marathi), ‘God has shown you his grace’ (Kituba), “God has been gracious to you” (New English Bible).

Quoted with permission from Reiling, J. and Swellengrebel, J.L. A Handbook on the Gospel of Luke. (UBS Handbook Series). New York: UBS, 1971. For this and other handbooks for translators see here . Make sure to also consult the Handbook on the Gospel of Mark for parallel or similar verses.