Despite unencouraging global cues, Indian stock market snapped its four days losing streak on Thursday. Nifty 50 index ended 121 points higher at 16,478 levels whereas BSE Sensex surged 427 points and closed at 55,320 mark. Nifty Bank index went up 139 points and closed at 35,085 levels. Volumes on the NSE continued to be lower than recent averages, suggesting lower interest from FPIs.

According to stock market experts, a long bull candle was formed on the daily chart at the lows, which indicate a formation of bullish Piercing Line type candle pattern. The Piercing line pattern is a bullish reversal pattern and normally formed after the declines. Hence, one may expect further upside in the short term.

Day trading guide for stock market today

Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term weakness with range bound action seems to be placed at the upside reversal. Nifty forming bullish candlestick pattern and closing above the hurdle of 16,400 levels indicate further upside towards 16,700 to 16,800 levels in the near term. A sustainable move above 16,500 could open strong upside momentum. Immediate support for NSE Nifty is placed at 16,380 levels."

Suggesting traders to keep an eye on expected breakout on Nifty, Ruchit Jain, Lead Research, 5paisa.com said, "Overall, we can see ‘Triangle’ developing on the Nifty charts, which is a sign of consolidation and only on a breakout from this consolidation; we would see the next directional move in the market. The extreme ends of this pattern are around 16,700 and 16,100. Till the index trades within this broad range, one should focus on stock specific approach and look to book profits and lighten up as the index approaches the resistance zones. The intraday supports for the coming session are placed around 16,405 and 16,320 while resistances are seen around 16,570 and 16,655 levels."

Day trading stocks

Sharing intraday stocks for today, share market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi, Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.

Mehul Kothari's intraday stocks for today

1] Hindustan Aeronautics Ltd or HAL: Buy around Rs1875, target Rs1925, stop loss Rs1835

2] Coal India Ltd: Buy around Rs199, target rs206, stop loss Rs194

Anuj Gupta's day trading stocks to buy

3] HDFC Bank: Buy at CMP, target Rs1420, stop loss Rs1344

4] Renuka Sugars: Buy at CMP, target Rs55, stop loss Rs49

Avinash Gorakshkar's stocks for Friday

5] UPL: Buy at CMP, target Rs790, stop loss Rs725

6] IGL: Momentum buy at CMP, target Rs405, stop loss Rs350.