After showing a decent upside recovery from the lows in the last couple of sessions, Indian stock market failed to sustain the upside move on Friday, as it displayed high volatility and closed in negative territory. NSE Nifty closed 8 points lower at 17,101 whereas BSE Sensex ended 76 points down at 57,200 levels. Bank Nifty index dipped 292 points and closed at 37,689 levels.

According to stock market experts, the sharp intraday weakness on Friday session got triggered from the day's high in the later half and the market erased the entire intraday gains towards the end and closed lower. The opening upside gap also got filled completely. Technically, this pattern indicates a rejection of bulls at the higher levels. This also reflects an inability of the market to sustain the highs.

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 underlying trend of Nifty remains choppy. There is no confirmation of any higher bottom reversal at the lows. The crucial support for NSE Nifty of uptrend line could be tested again around 16,850 to 16,900 levels by this week before showing another small upside bounce. The presentation of Union Budget 2022 is likely to influence the market throughout this week."

Expecting the union Budget 2022 to dictate the market in short term; Ruchit Jain, Lead Research at 5paisa.com said, "The global market event of FED policy and the monthly expiry for our markets is over, the focus would now solely be on the Budget 2022 which is likely to dictate short term trend. Now ahead of this event, our markets have already seen a corrective phase and hence, much of the negativity related to the events already seems to have been factored in. Hence, any positivity hereon could lead to short covering of positions and could lead the markets higher. Thus, the risk reward ratio is favorable for traders to take contra bets and look for buying opportunities here."

Ruchit Jain went on to add that the immediate supports for Nifty are placed around 16800 followed by the ‘200 DEMA’ level, which is at 16600, while on the flipside 17400-17500 is the immediate zone to watch out for in the coming week.

Day trading stocks to buy today

Sharing day trading stocks for Monday; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President at IIFL Securities — recommended 4 stocks to buy.

Sumeet Bagadia's day trading stocks

1] Ambuja Cements: Buy at CMP, target Rs370 and Rs380, stop loss Rs350

2] Tata Consumer: Momentum buy at CMP, target rs745 and Rs760, target Rs690

Anuj Gupta's day trading stocks for Monday

3] Bharat Petroleum Corp Ltd or BPCL: Buy at Rs380, target Rs395, stop loss Rs373

4] ITC: Buy at rs215, target Rs224, stop loss Rs211.