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The US Federal Reserve decided to keep interest rates unchanged and also hinted towards rate cuts in 2024, ushering gains across global markets Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd.

The Indian equity market has witnessed a remarkable upward trajectory, achieving fresh all-time highs as both the Nifty 50 and Sensex 30 indices surpassed significant milestones, breaching the 21,000 and 70,000 marks, respectively.
A confluence of factors has underpinned these robust gains, with a key catalyst being the dovish stance adopted by the U.S. Federal Reserve, opting to maintain interest rates within the range of 5.25%-5.50% and signalling a plan to implement three rate cuts in 2024. Furthermore, the resurgence of FIIs as net buyers in November, the growing anticipation of the return of the ruling BJP in the upcoming general election, and better-than-expected domestic economic outcomes provided an additional impetus to the bullish trend in benchmark indices.

Nifty prices are likely to find resistance near 21500, while support may align near 20900. In Bank nifty, resistance may come at 48500, and support lies near 47300. 

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