After showing higher level weakness on Tuesday, Indian stock market continued with follow-through weakness amidst range bound action on Wednesday and closed the day in red territory. Nifty 50 index went down 149 points and closed at 17,807 levels whereas BSE Sensex shed 566 points and closed at 59,610 levels. Nifty Bank index ended 435 points lower at 37,632 levels.

According to stock market experts, a small negative candle was formed on the daily chart with minor upper shadow. This pattern confirms a short term top reversal at the swing high of 18,114 levels on Nifty and a beginning of downward correction in the market. They went on to add that overhead resistance of down sloping trend line seems to have acted as a crucial hurdle for the market and resulted in a trend reversal down. Presently, Nifty is placed above the previous upside gap of 4th April at 17,800 levels.

Day trading guide for stock market today

Speaking on intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty seems to have reversed down and the downward correction is on the way. There is a possibility of further weakness in the market down to 17,600 levels in the next few sessions. Confirmation of bearish Island Reversal could open more downside for the market."

Sharing important levels in regard to Nifty and Bank Nifty index; Rajesh Bhosale, Technical Analyst at Angel One Ltd said, "Broader range of Nifty is placed between 17,650 to 18,000 whereas short range for 50-stock index is placed between 17,700 to 17,920 levels. Similarly, broader range for Nifty Bank index lied in between 37,000 to 38,000 while short range for the banking index is placed between 37,200 to 37,900 levels."

Day trading stocks

Sharing intraday stocks for today, stock market experts — Rajesh Bhosale of Angel One Ltd; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers; Avinash Gorakshkar, Head of Research at Profitmart Securities and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 8 stocks to buy today.

Rajesh Bhosale's day trading stocks for today

1] Coal India Ltd: Buy at CMP, target Rs206, stop loss Rs188

2] Tata Communications: Buy at CMP, target Rs1320, stop loss Rs1235

Mehul Kothari's intraday stocks for today

3] CONCOR: Buy at CMP, target Rs765, stop loss Rs675

4] Strides Pharma Science or Star: Buy at CMP, target Rs395, stop loss Rs365

Avinash Gorakshkar's day trading stocks for Thursday

5] Bharat Forge: Buy at CMP, target Rs780, stop loss Rs705

6] NTPC: Buy at CMP, target Rs165, stop loss Rs148

Anuj Gupta's stock picks for today

7] SAIL: Buy at CMP, target Rs125, stop loss Rs99

8] Paytm: Momentum buy at CMP, target Rs700, stop loss Rs575.