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The 50-member Nifty index has now hit a record high in 13 of 19 sessions in December. It gained over 8% so far in the month, on track for its best month since July 2022.
Market experts strongly believe the demand will not only sustain in 2024 but rise further, albeit at a slower pace, on high economic growth and expectations of a fall in home loan interest rate.
Mazagon Dock Shipbuilders Ltd, Suzlon Energy Ltd and KEI Industries Ltd from industrials, Lloyds Metals from metals, SJVN from utilities and Kalyan Jewellers Ltd from consumer discretionary are likely to be upgraded to midcap category.
Both Nifty MidCap and SmallCap jumped around 66 percent and 51 percent since April, while the benchmark Sensex and Nifty surged over 20 percent each in this period
Nifty on Wednesday ended 303 points lower at 21,150 to form a bearish engulfing candle on the daily charts.The index broke its previous support of 21,337 and also displayed a negative moving average crossover as the 20-period moving average moved below the 50-period average.