A sharp down trend continued in the Indian stock market for the second consecutive sessions on Wednesday on weak global cues. Nifty 50 closed 174 points lower at 17,938 whereas BSE Sensex closed at 60,098 losing 656 points on Wednesday session. However, Bank Nifty index showed sharp recovery and closed above psychological 38,000 levels.

According to stock market experts, current market signal a down trend continuation pattern in the market. The formation of long bear candle back to back in the two session indicate a trend reversal down in Nifty after a sustainable upside move of the last 22-23 sessions.

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 continues to be down. The short term top reversal has been confirmed at the high of 18,350 and the bearish patterns as per daily timeframe chart remains intact. The next downside levels for NSE Nifty to be watched around 17,700 to 17,650 levels and any pullback rally from here could find strong resistance around 18,100 levels."

Sharing his view on Bank Nifty index; Ruchit Jain, Lead Research at 5paisa.com said, "The relative strength in the Nifty Bank index indicates that this sector will continue its leadership and thus, short term traders can look for stock specific buying opportunities from this space."

On intraday trading strategy; Ruchit Jain of 5paisa.com said that recent correction in the Indian stock market was much on the cards given that Nifty had seen a rally from 16,410 to 18,350 within a month’s time without any meaningful correction. "This correction will relieve the overbought momentum set ups which should be a good sign for the next leg of the rally," Ruchit Jain said.

Day trading stocks

Speaking on day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Anuj Gupta, Vice President at IIFL Securities — recommended 6 stocks to buy or sell today.

Sumeet Bagadia's day trading stocks for today

1] Gujarat Gas Ltd: Buy at CMP, target Rs715 and Rs725, stop loss Rs675

2] United Phosphorus Ltd or UPL: Buy at CMP, target Rs830 to Rs840, stop loss Rs790

Avinash Gorakshkar's day trading stocks for Thursday

3] State Bank of India or SBI: Buy at Rs516, target Rs530, stop loss Rs507

4] Tata Motors: Buy at Rs521, target Rs537, stop loss Rs513

Anuj Gupta's day trading stocks to buy today

5] Indian Oil Corporation or IOC: Buy at Rs124, target Rs130, stop loss Rs120

6] GMR Infrastructure: Buy at Rs43, target Rs49, stop loss Rs40.