The upside momentum continued in the market on Thursday amidst high volatility and Indian stock market closed in green territory for 5th straight session. Nifty 50 ended 45 points higher at 18,257 whereas BSE Sensex added 85 points and closed at 61,235 levels. Nifty Bank index witnessed some signs of consolidation as it ended 257 points lower at 38,469 levels.

According to stock market experts, short term trend of the Indian stock market continues to remain positive but after a reasonable upside move or near the hurdle could signal confusion state of mind among participants. This action more often results in a trend reversal on the down side. Hence, trading long positions needs to be careful at 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 short term trend of Nifty continues to be positive. Emergence of high volatility and a formation of doji at the hurdle could be pointing towards the possible consolidation or minor weakness in the next few sessions. Any downward correction from the highs could find support for Nifty at uptrend line around 18,000 levels. However, a decisive move above 18,272 is likely to negate the bearish setup for the near term."

Suggesting stock specific trade strategy; Ruchit Jain, Trading Strategist at 5paisa.com said, "The short term trend continues to remain positive as there are no signs of reversal of the trend. However, since the momentum readings on the short term charts are in an overbought zone, focus could now shift to stock specific momentum while the indices may see some consolidation. Bank Nifty has already shown such signs of some consolidation as it relatively underperformed the benchmark today. However, the trend continues to be positive and hence one should continue to look for buying opportunities in any declines."

Rupee vs dollar: Intraday trading strategy

On how dollar index breaching its recent consolidation phase support can be used, Ruchit Jain of 5paisa.com said, "There was a lot of stock specific activity today with sectors such as Metals showing decent up move. The dollar index has breached its recent consolidation phase support and is indicating a negative momentum. This could support metal stocks and hence, we could see momentum continuing in this sector. Also certain midcaps are continuing to witness good volumes along with the price up move and traders should look for opportunities in such stocks, which are expected to continue to outperform in this uptrend."

Day trading stocks

Sharing day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Ravi Singhal, Vice Chairman at GCL Securities — recommended 5 stocks to buy today.

Sumeet Bagadia's day trading stocks for today

1] Indian Oil Corporation or IOC: Buy at CMP, target Rs125 to Rs128, stop loss Rs117

2] Tata Motors: Momentum buy at CMP, target Rs530 to Rs540, stop loss Rs490

Avinash Gorakshkar's stock of the day

3] Sun Pharma: Buy around Rs865, target Rs900, stop loss Rs850

Ravi Singhal's stocks to buy today

4] Container Corporation of India or CONCOR: Buy at Rs670, target Rs700, stop loss Rs660

5] Sterling and Wilson Renewable Energy or SW Solar: Buy around Rs393, target Rs444, stop loss Rs377.