Indian Stock Market Sees Third Consecutive Day of Losses
The Indian stock market ended its third day in a row with losses on Wednesday, December 10. This was due to mixed signals from around the world as investors wait for the US Federal Reserve to announce its policy decisions.
Market Performance
The Sensex index went up by 354 points at one point, reaching 85,020.34, but then went down, closing 275 points lower at 84,391.27. The Nifty 50 index also went down by 82 points, ending the day at 25,758. The BSE Midcap and Smallcap indices saw declines of 1.08% and 0.58%, respectively.
Expert Insights
Sumeet Bagadia, Executive Director at Choice Broking, says the market mood has turned cautious. He believes the Nifty 50 index is near a critical support level of 25,730. If it goes below this level, the market could get worse. But if it goes above 26,000, it could get better. Bagadia suggests focusing on individual stocks that look strong and considering breakout stocks as a good option.
Top Breakout Stock Picks
Bagadia recommends the following five stocks to buy:
- Seamec: Buy at ₹1016, target ₹1085, stop loss ₹980
- Prime Focus Limited: Buy at ₹210, target ₹225, stop loss ₹202
- Welspun Living: Buy at ₹138.85, target ₹150, stop loss ₹134
- Century Plyboards (India): Buy at ₹828, target ₹888, stop loss ₹800
- Happy Forgings: Buy at ₹1065, target ₹1140, stop loss ₹1030
These stock recommendations are based on technical analysis and are intended for educational purposes only. It's essential to consult with certified financial experts before making any investment decisions.