The Indian stock market bounced back on Friday, ending its four-day losing streak with solid gains. The recovery was driven by a steady rupee, positive global cues, and the Bank of Japan's policy outcome meeting expectations.
Market Performance
The Sensex advanced 448 points, or 0.53%, to end at 84,929.36, while the Nifty 50 gained 151 points, or 0.58%, to settle at 25,966.40. The broader markets also performed well, with the BSE Midcap index rising 1.26% and the Smallcap index climbing 1.25%.
Market Outlook
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market sentiment has improved as the Nifty 50 index bounced back strongly after testing the 50-DEMA support placed at 25,750. According to Bagadia, the index is facing a hurdle at the 26,000 to 26,050 band, and breaking above this level on a closing basis would strengthen the bull's conviction.
Stocks to Buy
Bagadia has recommended three stocks to buy on Monday, December 22. The recommended stocks are:
- Asian Granito India: Buy at ₹1220-1230 | Target Price: ₹1270 | Stop Loss: ₹1180
- Lloyds Enterprises: Buy at ₹840-845 | Target Price: ₹880 | Stop Loss: ₹820
- Jayaswal Neco Industries: Buy at ₹1440-1450 | Target Price: ₹1500 | Stop Loss: ₹1400
Remember, this is a perspective, not a prediction. It's essential to do your own research and consult with certified experts before making any investment decisions.