Monday's trade setup: 15 things to know before the opening bell

84 stocks, including Dixon Technologies, Dr. Lal PathLabs, Hindustan Copper, Can Fin Homes, and Delta Corp., showed a protracted build-up.

Nifty might advance to 20,500 before experiencing a minor correction.

Following five weeks of bullish sentiment and breaking the previous record high on the first day of the December series, experts predict that the momentum will continue and push the Nifty50 towards 20,500 in the coming days, assuming the index stays above the psychological 20,000-mark. The market capitalization of the NSE was $4 trillion or more.

The equity markets had a historic session on December 1st, capping off a great start to the final month of the current calendar year 2023. The benchmark Nifty formed a bullish candlestick pattern on the daily charts and a strong bullish candlestick pattern on the weekly scale, hitting a new all-time high of 20,292 and ending at a record closing high of 20,268, up 135 points. It experienced a weekly gain of 2.4%.

The bulls are still in charge as the Nifty keeps rising. It appears likely that there will be a consolidation breakout on the weekly time frame, opening the door for an additional index rally. A bullish crossover in the weekly RSI (relative strength index) indicates that the mood is still positive, according to senior technical analyst Rupak De of LKP Securities.

He believes that 20,200 represents strong support at the lower end; as long as it stays above this level, any declines could be viewed as buying opportunities. Resistance is expected around 20,450–20,500 on the higher end, he said.

While the Nifty Midcap 100 and Smallcap 100 indices increased by 1.1 percent and 0.5 percent, respectively, the BSE Sensex surged 493 points to 67,481.