After witnessing a sharp upside move in the last couple of sessions, the upside momentum continued in Indian stock market for third successive session on Thursday. Nifty 50 index shot up 249 points and ended at 16,594 levels whereas BSE Sensex surged 817 points and closed at 55,464 levels. Bank Nifty index ascended 660 points and closed at 34,475 levels. According to stock market experts, current market pattern indicates profit booking at the highs.

Day trading guide: What global cues signal?

Expecting short-covering to continue; Anuj Gupta, Vice President at IIFL Securities said, “Both Dow Jones and SGX Nifty live index showing minor weakness but major trigger will be geopolitical tension going on between Russia and Ukraine. As Indian stock market is in oversold condition, I am expecting range-bound with positive bias session today."

Day trading guide for stock market today

Unveiling day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be positive. Though, Nifty reacted down from near the hurdle of 16,750 levels on Thursday, there is a possibility of market attempting towards 16,800 to 17,000 levels in the short term. There is a higher possibility of weakness emerging from the upper resistance in coming sessions."

Expecting Russia-Ukraine news to continue dominating the global stock markets today; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Russia-Ukraine war will continue to remain major trigger for the markets. But, for Indian markets, Dalal Street is expecting diesel and petrol price rise after the 5 state assembly elections. The way crude oil prices have skyrocketed in last three months, any further delay in petrol-diesel price rise announceemnt may dent the positive mood of the markets."

Sharing major Nifty and Bank Nifty levels for intraday traders; Sumeet Bagadia, Executive Director at Choice Broking said, "Broad range of Nifty today is 16,100 to 16,900 whereas high risk traders can take shorter range of Nifty from 16,300 to 16,750. Likewise, high risk traders can take small Bank Nifty range from 34,100 to 34,700 while broader range of Nifty Bank index is placed between 33,700 to 35,000 levels."

Advising intraday traders to indulge in stock specific trade; Ruchit Jain, Lead Research at 5paisa.com said, "The short term momentum will continue to be dependent on the global news flows and the international market moves. Trading with a stock specific approach could be a better strategy here as the volatility is likely to remain high and there is no confirmation yet about a change of the trend. Traders can look for stock specific opportunities where one should look for trade set-ups on both sides of the trade. However, one should avoid aggressive positions and also adhere to proper risk management principles during such volatile times."

Day trading stocks

Sharing intraday stocks to buy today, stock market experts — Sumeet Bagadia of Choice Broking; Avinash Gorakshkar of Profitmart securities and Anuj Gupta of IIFL Securities — recommended 6 stocks to buy today.

Sumeet Bagadia's day trading stocks for today

1] Britannia Industries: Buy at CMP, target Rs3350 to Rs3400, stop loss Rs3150

2] GNFC: Buy at CMP, target Rs645 to Rs650, target Rs615

Avinash Gorakshkar's intraday stocks for today

3] Tata Consumer: Momentum buy at CMP, target Rs765, stop loss Rs705

4] Jindal Steel: Buy at CMP, target Rs490, stop loss Rs452

Anuj Gupta's stocks to buy today

5] Tata Power: Buy at CMP, target Rs255, stop loss Rs218

6] Ashok Leyland: Buy at CMP, target Rs120, stop loss Rs97.