Indian Stock Market Sees Second Day of Decline
The Sensex and Nifty 50, two major stock market indices, fell for the second consecutive day on Tuesday, December 9. This decline was driven by weak global sentiment ahead of the US Federal Reserve's upcoming policy decision.
The Sensex dropped by 436 points (0.51%) to close at 84,666.28, while the Nifty 50 declined by 121 points (0.47%) to finish at 25,839.65. However, the mid-cap and small-cap sectors recovered from earlier losses and outperformed the major indices, with the BSE Midcap index rising 0.60% and the Smallcap index increasing by 1.27%.
Breakout Stock Recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has improved as the Nifty 50 index bounced back after touching its 50-DEMA support. According to Bagadia, the Nifty 50 would need to sustain above 26,000 to strengthen bull's conviction. He recommends a stock-specific approach and suggests looking at breakout stocks for potential investment opportunities.
Top 5 Breakout Stocks to Buy Today
Sumeet Bagadia recommends the following five breakout stocks to buy today:
- Sharda Cropchem: Buy at ₹908, target ₹970, stop loss ₹870
- Sandhar Technologies: Buy at ₹560, target ₹600, stop loss ₹540
- Indo Borax and Chemicals: Buy at ₹260, target ₹280, stop loss ₹250
- Jamna Auto Industries: Buy at ₹122.5, target ₹132, stop loss ₹118
- Ashapura Minechem: Buy at ₹715, target ₹765, stop loss ₹688
Please note that these recommendations are for educational purposes only and are based on individual analyst views. It is essential to consult with certified experts before making any investment decisions.