After showing smart upside recovery from the lows on Wednesday, Indian stock market witnessed massive sell off on Thursday. Following the weak global cues, the market continued with down trend for the whole session. Nifty 50 index lost 359 points and closed at 15,808 levels whereas BSE Sensex tumbled 1158 points and closed at 52,930 mark. The Banking index which showed relative outperformance in last three sessions, finally resumed its downtrend which was much expected as there was no change in the trend. Nifty Bank index crashed 1161 points and closed at 33,535 levels on yesterday's session.

According to stock market experts, a long bear candle was formed on the daily chart on Thursday session, which is indicating steep selling in the market. Nifty is now nearing an important support, the previous important bottom of 15671 made on 8th March and the overall chart pattern indicate possibility of Nifty reaching down to the support in the short term or could move below it. They said that present weakness signal a type of selling climax and normally such extreme selling participations are part of important bottom reversals.

Day trading guide for stock market today

Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be negative. There is a possibility of further weakness down to 15,670 and one may expect downside breakout of it in the coming sessions. There is a higher possibility of Nifty forming lower bottom reversal around 15,500 levels. Confirmation of reversal pattern could open upside bounce in the market."

"The global cues continue to be negative and hence our markets too have been trading under pressure. The short term trend remains negative and such sharp corrections are usually a normal course in a down trend. Since last few days, we have not seen any pullback or respite for the bulls which clearly signals a strong trended phase. The index has been resisting around the ’20 EMA on the hourly charts’ in recent pullbacks and this average has now declined to 16,040. Thus, for any up move Nifty needs to cross this hurdle first and until then, one should avoid any aggressive buy trades," said Ruchit Jain, Lead Research at 5paisa.com.

Ruchit Jain of 5 paisa.com went on to add, "In case there’s any up move due to oversold readings, one should just consider it as a pullback move. The intraday supports for Nifty for the coming session are placed around 15,681 and 15,555 and resistances are seen around 15,925 and 16,040 levels."

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 and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 day trading stocks for today.

Sumeet Bagadia's stock recommendations for Friday

1] Gujarat State Petronet Ltd or GSPL: Buy at CMP, target Rs280, stop loss Rs250

2] Pidilite Industries: Sell at CMP, target Rs2075 to Rs2050, stop loss Rs2155

Mehul Kothari's day trading stocks for today

3] TCS: Buy around Rs3409, target Rs3500, stop loss Rs3350

4] Polycab: Buy around Rs2430, target Rs2520, stop loss Rs2360

Avinash Gorakshkar's intraday stocks

5] Ambuja Cements: Buy at CMP, target rs396, stop loss Rs360

6] Indian Oil Corporation or IOC: Buy at CMP, target Rs136, stop loss Rs115.