The Indian stock market bounced back on Thursday, December 11, ending its three-day losing streak with significant gains. The rally was triggered by the US Federal Reserve's 25-basis-point rate cut and guidance for another cut next year, which led to a 0.25% drop in the dollar index and a decline in the US 10-year Treasury yield to 4.12%.
The Sensex climbed 427 points (0.51%) to close at 84,818.13, while the Nifty 50 advanced 141 points (0.55%) to finish at 25,898.55. The BSE Midcap index rose 0.79%, and the Smallcap index gained 0.51%, indicating a broad-based market participation.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has improved with the Nifty 50 index bouncing back strongly after breaking below the 50-DEMA support. According to Bagadia, the key index needs to break above 26,000 on a closing basis to strengthen the bull's conviction.
Bagadia recommends the following five breakout stocks to buy, considering their strong technical charts:
Please note that these recommendations are for educational purposes only, and investors are advised to consult certified experts before making any investment decisions.
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