Dalal Street reached new milestones on December 15, fueled by an ongoing bull run and a surge of buyers entering the stock market. Positive sentiments prevailed, influenced by the US Federal Reserve's dovish stance and the strengthening rupee. The total market capitalization of BSE-listed companies, a gauge of investor wealth, saw a substantial increase of Rs 2.78 lakh crore on this day, bringing the overall valuation to Rs 357 lakh crore. This gain followed a nearly Rs 4 lakh crore increase in the previous session.The Sensex concluded the day 969 points, higher at 71483 while the Nifty closed with a gain of 273 points, reaching 21,456. Market breadth favored gainers, with 1,960 shares advancing, 1,800 declining, and 121 remaining unchanged. The Bank Nifty achieved a significant milestone, surpassing the 48,000 level for the first time, and Nifty IT, representing the IT sector, reached a 20-month high. The market's buoyancy persisted as investors anticipated a resolution of uncertainties over US economic growth by H2CY24, expecting a soft landing aided by the normalization of monetary policy. While acknowledging the recent surge, analysts anticipate a potential breather in the index, with a projected support level of 21,000-21,200 in case of any dip. Banking and IT majors continued to be prominent contributors to the upward movement, and their outperformance is anticipated to persist. The Nifty maintained its upward momentum, achieving a new all-time high and marking its seventh consecutive weekly gain. The prevailing sentiment remains bullish, with no discernible reversal signals on the technical charts. Resistance is noted at 21,500, and a potential further rally in the Nifty could unfold upon surpassing this level, while current support is positioned at 21,300.
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