Indian stock market once again ran into selling pressure at higher levels in the morning session on Wednesday, though it bounced up well from the intraday lows. Nifty 50 index breached the 16000 mark once but since the momentum reading were quite oversold on the intraday chart, a pullback was witnessed in the end to recover some of the losses. FNSE Nifty ended 72 points lower at 16,167 whereas BSE Sensex shed 276 points and closed at 54,088 levels. However, Nifty Bank index scaled 210 points upside and closed at 34,693 mark.

According to stock market experts, a small negative candle was formed on the daily chart with long lower shadow. This market action indicate a chances of another round of pullback rally in the short term. But, there is no confirmation of any bottom reversal as of now. Volumes on the NSE have recovered back to recent average while advance decline ratio is down suggesting that the broader markets is still under a lot of pressure.

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 negative. Wednesday's sharp upside recovery could some bring hopes for bulls to make a comeback. But, the recent display of lack of strength to sustain the highs could mean a presence of strong resistance around 16250 to 16300 levels for another round of sell on rise opportunity. Immediate support for NSE Nifty is placed at 16,000 levels."

On Nifty getting outperformed by Bank Nifty index, Ruchit Jain, Lead Research, 5paisa.com said, "The Bank Nifty has shown relative outperformance to Nifty since last couple of sessions. However, there are no signs of change in trend yet and thus it could just be a temporary outperformance till the pullback lasts. The mid-cap as well as small-cap space continues to underperform and is likely to see more correction in the near term. Hence, traders should avoid bottom fishing until trend reverses."

Advising traders and investors to remain insulated from carried away sentiments in any possible bounce back from current levels, Ruchit Jain of 5paisa.com said, "The short term trend continues to remain negative, however due to over sold set ups on the intraday charts post a sharp correction; we are likely to see some in between bounce backs. Traders are advised not to get carried with such pullback and continue to trade with a cautious approach until there’s a change in trend or the data."

Day trading stocks for today

On day trading stocks to buy today, stock market experts — Rajesh Bhosale, Technical Analyst at Angel One Ltd; Mehul Kothari, AVP — Technical Research at Anand Rathi; Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy or sell today.

Rajesh Bhosale's day trading stocks

1] Axis Bank: Buy around Rs672, target Rs707, stop loss Rs654

2] ABB India: Buy around Rs2270, target Rs2410, stop loss Rs2190

Mehul Kothari's intraday stocks for today

3] Reliance Industries Ltd: Buy above Rs2480, target Rs2600, stop loss Rs2420

4] Voltas: Buy above Rs995, target Rs1050, stop loss Rs965

Anuj Gupta's stock of the day

5] Shree Renuka Sugars: Buy at CMP, target Rs54, stop loss RS 37

Avinash Gorakshkar's stock pick for today

6] DLF: Momentum buy at CMP, target Rs350, stop loss Rs312.