After showing sharp weakness on the backdrop of weak global cues on Monday, Indian stock market witnessed an excellent comeback on Tuesday and closed the day with hefty gains. Nifty 50 index finished 446 points higher at 17,759, BSE Sensex surged 1564 points and closed at 59,537 whereas Nifty Bank index shot up 1260 points and closed at 39,536 levels.

According to stock market experts, Nifty has regained most of its lost ground and is now placed near the important resistance of down trend line around 17850-17900 levels. After a failed upside breakout of this hurdle during mid part of Aug, the market is now preparing for a decisive upside breakout of that trend line hurdle. The formation of long bull candle of Tuesday could be an early signal of possible sharp upside breakout.

Day trading guide for stock market today

Speaking on Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty seems to have reversed the recent down trend sharply on the upside. Now, the bulls are ready to show big bang upside breakout of the resistance of around 16,900 levels by this week end or by next week. A decisive move above 17,900 levels could pull Nifty towards the next upside target of 18,300 to 18,400 in the next few weeks. Immediate support for NSE Nifty is placed at 17,600 levels."

On Nifty call put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Market again surprises positively, with the bounce back being stronger than ever. NIFTY Option chain for the weekly expiry reflects on CE writers aggressively adding over 2 lakh contracts at 18000CE, followed by more than a lakh contracts at 17800CE/17900CE as well. PE writers standing tall at 17300PE/17500PE/17600PE, with also more than a lakh contracts each, hinting on strong support base at immediate levels. PCR OI at 17600 being above 2, is also a strong positive factor for the BULLs now."

"Bank Nifty Future Option chain on PE writers being active at 39000PE - with more than 90 thousand contracts, with CE writers adding their positions at 41000 strike - with overall a lakh contracts each as well, followed by 40000CE - over 90 thousand contracts," said Shilpa Rout.

Day trading stocks

Speaking on intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy today.

Anuj Gupta's intraday stocks for today

1] Ashok Leyland: Buy at CMP, target ?165, stop loss ?143

2] Axis Bank: Buy at CMP, target ?780, stop loss ?710

Mehul Kothari's stock picks for Thursday

3] IRCTC: Buy at ?710, target ?730, stop loss ?700

4] Raymond: Buy at ?961, target ?985, stop loss ?950

Vaishali Parekh's stock of the day

5] TTK Prestige: Buy at ?961, target ?1200, stop loss ?890.