The Indian stock market continued with decent gains on Tuesday after witnessing an upside bounce from the lower support levels on Monday. After opening on a positive note, the market showed volatile movement for the better part of the session. The upside momentum got strengthened in the later part of the session and Nifty advanced to the highest closing level since 15th February. In the last half an hour, Nifty 50 index broke out from the entire day’s range of 17,235 to 17,322.

According to stock market experts, technically this pattern indicate follow-through upside move amidst a range movement. Presently, the Nifty is making an attempt to stage upside breakout of the range movement of the last 6-7 sessions around 17,450 levels. This is positive indication and one may expect sharp upside move in the market on the breakout of sideways range movement. The positive sequence like higher tops and bottoms is also intact as per daily time-frame chart.

Day trading guide for stock market today

Speaking on intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be positive. A sustainable move above 17,500 levels is likely to pull Nifty towards the next upside trajectory of around 17,800 to 18,000 levels in the near term. Immediate support for NSE Nifty is placed at 17,250 levels."

Advising traders to look for buying opportunity in stock market today; Ruchit Jain, Lead Research at 5paisa.com said, "Nifty has been consolidating within a range since last few days which just seems to be a time-wise correction within an uptrend. This consolidation was much required as the momentum readings were deeply overbought post the recent sharp run up from the lows. However, due to this range bound price action, the momentum readings cooled-off from their overbought zone and are now indicating a positive traction. The index has formed a support base at 17,000 and till this support is intact, intraday dips will witness buying interest just as we saw today. Hence, we advise traders to look for buying opportunities as ahead of the F&O expiry, we may see the index resuming its uptrend."

Ruchit Jain went on to add that data indicates immediate resistance around 17,450 to 17,500, but considering that the index may try to resume the momentum in the near term, we expect the market to breach this hurdle soon.

"One should look out for such stock specific opportunities as that has better potential to generate good short term returns," Ruchit Jain of 5paisa.com said.

On small and broad range of Nifty and Bank Nifty today; Sneha Seth, Derivatives Research Analyst at Angel One Limited said, "The broader range for Nifty today is place between 17,000 to 17,500 whereas for high risk traders, small range of Nifty is placed between 17,100 to 17,400 levels. Similarly, small range of Nifty Bank index seems placed between 35,400 to 36,200 levels whereas broader range of Nifty Bank index is placed between 35,000 to 36,800 levels."

Day trading stocks

Sharing intraday trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sneha Seth of Angel One Limited; Rohit Singre, AVP — Research at Bonanza Portfolio, Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers and Anuj Gupta, Vice President at IIFL Securities — recommended 7 stocks to buy or sell today.

Sumeet Bagadia's day trading stocks to buy today

1] MOIL: Buy at CMP, target Rs205, stop loss Rs184

2] Adani Ports: Buy at CMP, target Rs780, stop loss Rs740

Sneha Seth's intraday stocks for today

3] Max Financial Services Ltd or MFSL: Momentum buy at CMP, target Rs762, stop loss Rs727

4] Infosys: Buy at CMP, target Rs1927, stop loss Rs1860

Anuj Gupta's stock of the day

5] Delta Corp: Momentum buy at CMP, target Rs350, stop loss Rs315

Rohit Singre's stock pick for today

6] Godrej Properties: Buy at CMP, target Rs1800, stop loss Rs1550

Mehul Kothari's day trading stock for Wednesday

7] Eicher Motors: Buy at CMP, target Rs2610, stop loss Rs2415.