On account of weak global cues, Indian stock market snapped its two-day winning streak on Friday and closed in red territory. Nifty 50 index ended 220 points lower at 17,171 whereas BSE Sensex lost 714 points and closed at 57,197 levels. Bank Nifty index nosedived 771 points and closed at 36,044 levels. World stocks fell to five-week lows on Friday as investors fretted about rate hikes in the United States and the euro zone impacting equity values across the globe despite some encouraging corporate results.

According to stock market experts, NSE Nifty on the weekly chart formed a doji type candle pattern (not a classical one, as the open and close of the week are not identical) at the valuation support of 17150 levels. Normally, a formation of doji after a reasonable decline or upside move signal impending reversal after the confirmation. This could bring some hopes for bulls to make a comeback from the lows in coming week.

Day trading guide for stock market today

Speaking on intraday trading strategy in regard to Nifty 50 index; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty seems to have reversed down on Friday after a reasonable upside of two days. The overall chart pattern indicate that lows of 17,000 to 16,800 levels could offer support for the market in next week to show a decisive upside bounce from the lows."

Speaking on outlook for various segments; Ruchit Jain, Lead Research at 5paisa.com said, "The Banking space has relatively underperformed and although this index is trading near its support, there are no signs of reversal. Amongst other sectorial indices, the metals space has ended below its '20 DEMA' support and hence we could see some more retracement in the near term. Sectors such as oil & gas, auto have seen some positive signs and could see some relative outperformance." 

Ruchit Jain went on to add that traders need to be selective in stock picking and need to look out for opportunities on both sides on the trade. A directional move in the market could be seen on breach of the high or low of this doji candle and till then, one should continue with a stock specific approach.

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 and Astha Jain, Senior Research Analyst at Hem Securities — recommended 7 stocks to buy today.

Sumeet Bagadia's day trading stocks

1] Adani Ports: Buy at CMP, target Rs900, stop loss Rs850

2] Asian Paints: Buy at CMP, target Rs3225 to Rs3300, stop loss Rs3080

Mehul Kothari's intraday stocks for today

3] Action Construction Equipment or ACE: Buy at CMP, target Rs256, stop loss Rs230

4] OnMobile Global: Buy around Rs175, target Rs195, stop loss Rs165

Rajesh Bhosale's stocks to buy today

5] United Breweries Limited or UBL: Buy around Rs1545, target Rs1640, stop loss Rs1495

6] Ceat Limited: Buy at CMP, target Rs1275, stop loss Rs1139

Astha Jain's stock of the day

7] Borosil Renewables: Buy at Rs750, target Rs905, stop loss Rs650.