Following soft global cues and heavy sell-off in PSU bank, IT and tech stocks, Indian markets ended in negative zone on fourth successive day on Thursday session. NSE Nifty lost 28 points and closed at 15,938 whereas BSE Sensex went off 98 points and closed at 53,416 mark. Nifty Bank index went 176 points southward and closed at 34,651 levels. However, buying in energy, pharma and consumption stocks brought some relief on the Dalal Street. Volatility index India VIX ended lower at 18.34, down by 1 per cent.

According to stock market experts, a small negative candle was formed on the daily chart with upper and lower shadow. Technically, this action signal a formation of high wave type candle pattern, which reflects high volatility in the market. Normally, a formation of such pattern after a reasonable upside or decline indicates an impending trend reversal.

Day trading guide for stock market today

"The short term trend of Nifty continues to be negative. The overall chart pattern and the placement of key lower support are signaling an upside bounce from near 15,800 levels in the next 1-2 sessions. The confirmation of upside reversal could unfold quantum of upside bounce in the market," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities while speaking on trade setup for Friday.

"Traders are advised to look for buying opportunities from a short term perspective as the risk reward ratio for contra bets seems favorable at current levels," said Ruchit Jain, Lead Research at 5paisa.com.

On major levels in regard to Nifty 50 index, Chinmay Barve, Head — Technical and Derivatives Research at Profitmart Securities said, "Nifty declined for fourth consecutive session which pushed it closer to its crucial support zone of 15,800 to 15,850. If Nifty breaks below 15,800 mark then more downside is likely open up and in such a case the index could fall up to 15,550 to 15,620 zone. On the upside; Nifty is likely to face strong resistance around 16,180 and 16,250 marks."

On important levels in regard to Nifty Bank today, Chinmay Barve of Profitmart Securities said, "Crucial support for Bank Nifty index are placed at price zone of 34,200 to 34,300 levels. On the upside, key resistance levels are placed at 35,000 and 35,250 levels."

Day trading stocks

Unveiling intraday stocks for today, stock market experts — Rohit Singre, AVP — Research at Profitmart Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 4 stocks to buy today.

Rohit Singre's intraday stocks for today

1] Paytm: Buy around Rs734, target Rs800, stop loss Rs705

2] United Spirits or McDowell: Buy around Rs827, target Rs900, stop loss Rsbelow 804

Avinash Gorakshkar's day trading stocks to buy today

3] Tata Steel: Buy at CMP, target Rs970, stop loss Rs880

4] Bharat Forge: Momentum buy at CMP, target Rs705, stop loss rs635.