Indian stock market fell for the second straight session giving up the morning gains on fears of impact of rising commodity prices on inflation, currency, interest rates and corporate performance. Nifty 50 index dipped 107 points and closed at 16,498 whereas BSE Sensex ended 366 points lower at 55,102 levels. Bank Nifty index slipped 428 points and closed at 34,944 levels. According to secondary market analysts, Dalal Street is witnessing lack of buying interest as pullback moves towards 16,700 to 16,800 at Nifty is facing strong hurdle. Till this hurdle is not broken, market sentiments is expected to remain weak.

Day trading guide: What global cues signal?

Expecting weak opening at Dalal Street; Anuj Gupta, Vice President at IIFL Securities said, "Dow Jones Futures and SGX Nifty are under selloff heat and hence Indian markets may show weakness in early morning deals." He said that broad range for SGX Nifty today will be 15,450 to 16,800 whereas for high risk traders, SGX Nifty small range today can be considered between 15,800 to 16,450.

Day trading guide for stock market today

Speaking on day trading guide for Nifty today; Ruchit Jain, Lead Research at 5paisa.com said, "Since last few sessions, our market is clearly witnessing a lack of buying interest as pullback moves towards 16,700 to 16,800 levels at NSE Nifty is facing a hurdle. Until the index crosses this hurdle, we expect the momentum to remain weak and hence, one should avoid aggressive positions at the current juncture. Traders should wait for a move above 16,800 with broader market participation and until then one should stay light. The immediate supports for Nifty is placed around 16,350 and 16,200 levels."

Ruchit Jain went on to add that banking space has been under performing and stocks within the banking and financial space have also seen short formations in the derivatives segment. Till the trend remains down, this sector is likely to continue its under performance.

Sharing short and broad range of Nifty and Bank Nifty for intraday traders; Sumeet Bagadia, Executive Director at Choice Broking said, "Broad range of NSE Nifty today is 16,200 to 16,800 whereas for high risk traders short range of Nifty is 16,400 to 16,650. Likewise, broad range of Bank Nifty is 34,300 to 35,800 whereas high risk traders can take 34,700 to 35,300 as short range of Bank Nifty index."

Day trading stocks to buy today

Sharing day trading stocks for intraday traders, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] ICICI Prudential: Sell at CMP, target Rs450 to Rs440, stop loss Rs480

2] Wipro: Momentum buy at CMP, target Rs590 to Rs600, stop loss Rs550

Anuj Gupta's stocks to buy today

3] Cipla: Buy at CMP, target Rs970, stop loss Rs885

4] Coal India: Buy at CMP, target Rs215, stop loss Rs174

Avinash Gorakshkar's day trading stocks for today

5] National Aluminium Company or NALCO: Momentum buy at CMP, target Rs136, stop loss Rs125.50

6] HCL Technologies: Buy at CMP, target Rs1180, stop loss Rs1120.