Dragged down by IT stocks ahead of the Q4 results, Indian stock market ended in red territory on Monday. Nifty 50 index dipped 109 points and closed at 17,674 mark whereas BSE Sensex ended 482 points lower at 58,964 levels. Bank Nifty index went off 138 points and closed at 37,613 levels. According to stock market experts, market on Monday closed at its lows that signals sideways movement in upcoming sessions.

Day trading guide for stock market today

Speaking on intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short term trend of Nifty continues to be weak with range bound action. Still there is no indication of any higher bottom formation. A slide below 17,600 to 17,500 levels could open more weakness in the near term. A choppy movement within high low of 17,800 to 17,600 is expected to continue for the short term."

Advising stock specific trade in result-oriented market; Ruchit Jain, Lead Research at 5paisa.com said, "Looking at the market breadth and the sector specific moves, it seems that the Nifty would continue to witness some consolidation in a broad range in the short term and the stock specific movement would continue to provide better trading opportunities."

Ruchit Jain of 5paisa.com went on to add that Nifty IT index, which has some heavyweight constituents, is in a corrective phase and short formations are seen in some heavyweight names ahead of the results. Hence, we could see some underperformance in the IT space in near term while the oil & gas, metals and certain PSU names could see some outperformance. "In such times, short term traders are advised to look for stock specific opportunities and avoid aggressive positions as the market is unlikely to witness significant directional move ahead of a long weekend," said Ruchit Jain.

Day trading stocks

Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers; Rajesh Bhosale, Technical Analyst at Angel One Ltd; Anuj Gupta, Vice President — Research at IIFL Securities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 8 stocks to buy today.

Sumeet Bagadia's day trading stocks for today

1] Subex: Buy at CMP, target Rs45 and Rs50, stop loss Rs39

2] NBCC: Buy at CMP, target Rs45 to Rs48, stop loss Rs40

Mehul Kothari's intraday stocks for today

3] HDFC Life: Buy at Rs565, target Rs585, stop loss Rs550

4] Tata Consumer Products: Buy at Rs820, target Rs845, stop loss Rs805

Rajesh Bhosale's day trading stocks to buy today

5] Whirlpool: Buy around Rs1698, target Rs1775, stop loss Rs1660

6] Oberoi Realty: Buy around Rs1000, target Rs1085, stop loss Rs965

Anuj Gupta's stock pick for today

7] Paytm: Buy at CMP, target Rs730, stop loss Rs625

Mudit Goel's stock of the day

8] DLF: Buy at CMP, target Rs412, stop loss Rs397.