Indian stock market ended lower for the third straight session on Thursday, despite Asian markets showing signs of recovery. Nifty 50 closed 181 points lower at 17,757 whereas BSE Sensex ended at 59,464 — 634 points down from its Wednesday close. Nifty Bank index went off 190 points and closed at 37,850 — below the psychological 38,000 levels.

According to stock market experts, current pattern signal a sharp profit booking in the market from NSE Nifty's high of 18,350 levels and the formation of lower shadow on Thursday could signal chances of buying emerging from the lower support of 17,650 levels. Having declined swiftly from the highs, there is a higher chance of upside bounce emerging from the lower levels. The confirmation by the way of higher bottom reversal could open the quantum of upside bounce in the market ahead.

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 trend of Nifty continues to be down and there is no clear evidence of bottom formation at the lows. A sustainable upside move in the subsequent session is likely to confirm higher bottom reversal in the market. The lower area of 17,650 to 17,600 levels at NSE Nifty is expected to be a strong support zone for the market ahead."

Expecting bounce back in stock market today; Ruchit Jain, Lead Research at 5paisa.com said, "Nifty has seen back to back three trading sessions of correction and has wiped off much of the gains seen at the start of this month. The broader picture indicates this to be a corrective phase within an uptrend and Nifty has now approached its short term supports. Hence, there is a probability of a bounce again from the current levels in the near term. For short term traders, we advise to look for buying opportunities in the range of 17,700 to 17,600 as the risk reward seems favorable here for taking contra long positions."

"Bank Nifty index has shown relative strength to the benchmark in last three sessions and this index seems to be going through a time-wise correction rather than price correction. Hence, this sector could take the leadership in dictating the next leg of directional move in the market," Ruchit Jain of 5paisa.com said.

Day trading stocks

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

Sumeet Bagadia's day trading stocks for today

1] Bharti Airtel: Buy at CMP, target Rs730 to Rs740, stop loss Rs700

2] Asian Paints: Momentum buy at CMP, target Rs3400 to Rs3450, stop loss Rs3225

Anuj Gupta's day trading stocks for Friday

3] One 97 Communications or Paytm: Buy around Rs975, target Rs1050, stop loss Rs938

4] Reliance Industries Ltd or RIL: Buy around Rs2460, target Rs2525, stop loss Rs2425.