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Below the Daily Market Analysis 15 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets extended gains and settled around the day’s high, in continuation to the prevailing trend.  After the initial gap-up, the Nifty index remained in a range for most of the session however a sharp surge in the final hour again fueled the momentum. Consequently, it almost tested the 21,500 and finally settled at 21,449.60 levels; up by 1.26%. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT pack was the highlight and metal & energy posted strong gains.  The broader indices also participated in the move wherein smallcap gained over half a percent.

We could see a breather in the index after the recent surge and expect to hold the 21,000-21,200 zone in case of any dip.  Much on the expected lines, banking and IT majors are among the top contributors in the present leg of up move and we believe their outperformance could continue. Participants should align their trades accordingly and avoid contrarian positions.

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