Chai Christmas Punch

Combine 4 cups water, 8 whole cloves, 4 cinnamon sticks, 8 crushed cardamom pods, and 1 tablespoon grated ginger in a medium saucepan. Bring to a boil over high heat, then reduce heat to low and simmer uncovered for 10 minutes until the spices become fragrant.
Remove saucepan from heat and add 4 black tea bags. Steep for 5 minutes until the liquid turns dark amber, then remove and discard tea bags.
Return saucepan to medium heat and stir in 1/2 cup granulated sugar until completely dissolved, about 2 minutes.
Pour in 4 cups whole milk and 1/2 cup sweetened condensed milk, whisking constantly until the mixture is smooth and well combined. Heat until steaming but not boiling, about 5 minutes.
Stir in 1/4 teaspoon ground nutmeg and taste for sweetness, adding more sugar if desired. Ladle into mugs and top with whipped cream and a cinnamon stick garnish.