The market has been in a bit of a panic mode recently, with the last few weeks severely testing the spirit of even the strongest investor.

Chinese Dragon on the Loose

The growing concern over the health of the Chinese economy burnt investors’ confidence and the flames spread across the globe, be it in Asia, Europe or the U.S. markets.

The world’s second largest economy took the financial markets and global economy by surprise when it unexpectedly devalued its tightly controlled currency, the yuan, signaling that the economic situation was even worse than originally perceived. August 2015 can solely be remembered for China’s surprise yuan devaluation. 

The Chinese stock market was down 7.6% on Tuesday, after plummeting 8.5% on the oh-so-glibly called “Black Monday.” It lost about 16% this week, primarily because of the yuan devaluation around 2 weeks ago, shaking the global markets.

The U.S. market, which to an extent appeared resilient against the global turmoil, also slumped following worries emanating from China and the continual fall in oil prices. The Dow Jones Industrial Average (DJI) slumped 3.6%, The S&P 500 dropped 3.9% and the tech-laden Nasdaq Composite Index was down 3.8% on Monday.

Taming the Dragon

In what looks like a desperate attempt to revive its failing economy, China's central bank lowered its interest rate for the fifth time in nine months. The benchmark rate for a one-year loan was cut by 25 basis points to 4.6% and the one-year rate for deposits was also slashed by the same margin to 1.75%.

In response, the Chinese stock market fell for the fifth successive session, but by just 1.3% on Wednesday (compared to Tuesday and Monday).

Even the US market started to ease up, rebounding from six consecutive days of declines. The major averages, the S&P 500 and Dow Jones Industrials indexes had their highest gains since Nov 2011 on Wednesday. The S&P 500 rose 3.9%, the Dow Jones Industrial Average jumped 4% or 620 points, and the Nasdaq soared 4.2%.

Tech Sector to the Rescue

In Wednesday’s ricochet, the technology SPDR ETF (XLK - ETF report) stood out, gaining about 5% in the session, thereby leading a market comeback. Big U.S. tech stocks Apple (AAPL - Analyst Report), Netflix (NFLX -Analyst Report), Google (GOOGL - Analyst Report), Facebook (FB - Analyst Report) and Amazon  (AMZN - Analyst Report)  all jumped higher, after suffering big losses earlier in the week.

The increased confidence was not unfounded, and not limited to the bellwethers mentioned above. There are in fact a lot more opportunities in the space that can make you good money in this volatile market.

4 Tech Growth Picks

We have identified four technology stocks based on their favorable Zacks Rank – Zacks Rank #1 (Strong Buy) or #2 (Buy) and Growth Style Score ‘A’ or ‘B’  using our new style score system+ current valuation.

A stock with such a combination has incredible potential in the near term. So stick to the script and buy these stocks to max your gains.

Veeco Instruments Inc. (VECO - Snapshot Report)

Veeco Instruments designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products.

It offers a great investment potential and can be an impressive choice for growth investors, given its Growth Score of “B” and Zacks Rank #1. Positive earnings estimate revisions along the way boosted investor confidence. The stock surged 2.02% in the last trading session to close at $22.23. Despite this, the closing price remains more than 42% lower than its 52-week high price of $38.40.

The company has delivered positive earnings surprises in the last four quarters with an average surprise of 130.51%.

ChannelAdvisor Corporation (ECOM - Snapshot Report)

Channel Advisor Corporation, headquartered in Morrisville, NC, offers cloud-based e-commerce solutions and services.

It is a solid bet with a Growth Score of “A” and a Zacks Rank #2. Positive earnings estimate revisions along the way fueled the bullish behavior. The stock surged 6.38% in the last trading session to close at $10.51. Despite this, the closing price is more than 53% lower than its 52- week high price of $22.47.

The company has delivered positive earnings surprises in the last four quarters with an average surprise of 20.54%.

Brooks Automation, Inc. (BRKS - Snapshot Report)

Brooks Automation delivers automation solutions to the global semiconductor and related industries. The company's hardware, factory/tool management software, and professional services can manage every wafer, reticle and data movement in the fab. This helps semiconductor manufacturers optimize throughput, yield and cost reduction, while reducing their time to market.

It is yet another stock to invest given its Growth Score of “A” and a Zacks Rank #2.  Estimates moved north, which is a positive. The stock surged 2.31% in the last trading session to close at $10.17. However, its closing price is nearly 25% lower than its 52-week high price of $13.48.

The company has delivered positive earnings surprises in three of the last four quarters with an average surprise of 24.53%.

Pixelworks, Inc. (PXLW - Snapshot Report)

Pixelworks Inc. designs, develops and markets semiconductors and software that enable the visual display of broadband content through a wide variety of electronic devices.

Investors can count on the stock because it has a Growth Score of “A” and a Zacks Rank #2. Positive earnings estimate revisions are encouraging. The stock surged 2.55% in the last trading session to close at $4.43. The closing price was over 41% off its 52-week high price of $7.54.

The company has delivered positive earnings surprises in three of the last four quarters with an average surprise of 0.90%.

Bottom Line

Looking at the strong growth fundamentals of these companies, we expect them to beat all odds and emerge as winners. So take advantage of these stocks, which have proved their astounding mettle in an awfully tricky market. These picks have rocketed to fame with grand performances and hold even greater promise in the coming times.

Get the latest research report on AMZN - FREE

Get the latest research report on AAPL - FREE

Get the latest research report on NFLX - FREE

Get the latest research report on BRKS - FREE

Get the latest research report on VECO - FREE

Get the latest research report on FB - FREE

Get the latest research report on XLK - FREE

Get the latest research report on ECOM - FREE

Get the latest research report on PXLW - FREE

Get the latest research report on GOOGL - FREE