Ahead of expected US Fed interest rate hike decision on Wednesday, key benchmark indices Sensex and Nifty continue to bleed on second straight session on Tuesday. Nifty 50 index dipped 147 points and finished at 16,483 whereas BSE Sensex lost 497 points and closed at 55,268 levels. Nifty Bank index ended 317 points down at 36,408 mark. Broad market indices like mid-cap and small-cap fell more than the 50-stock index.

According to stock market experts, the positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart and the current decline could be in line with the new lower bottom formation. But, still there is no signs of any bottom reversal pattern unfolding at the lows.

Day trading guide for stock market today

Sharing technical outlook for SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, “Overall outlook for SGX Nifty today is positive and traders are advised to avoid taking short position and maintain buy on dips." The IIFL Securities experts went on to add that immediate support for SGX Nifty today is placed at 16,280 whereas its strong support is placed at 16,140 levels. He said that the index is facing minor hurdle at 16,590 while 16,740 is working as major hurdle for the index.

"The short term trend of Nifty continues to be negative and one may expect further weakness in the short term. The next lower supports for NSE Nifty to be watched around 16250 levels, which could be achieved in the next few sessions. Immediate resistance to be watched around 16570 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"Since the FED outcome on Wednesday evening could have an impact on the global markets, traders would look for cues from the same for next directional move in our markets as well. Hence, traders are advised to look for stock specific opportunities. The immediate support for Nifty is placed in the range of 16,400-16,350. Looking at the structure, one should avoid any shorts now as the momentum readings have cooled-off from the overbought zone and any positive reaction to the FED outcome can lead to a resumption of the positive momentum. However, the intraday volatility could remain high due to uncertainty and hence traders are advised to trade with a proper risk management," said Ruchit Jain, Lead Research at 5paisa.com.

Day trading stocks

Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] JSW Steel: Buy at CMP, target Rs625, stop loss Rs580

2] DLF: Buy at CMP, target Rs370 to Rs380, stop loss Rs350

Mehul Kothari's day trading stocks to buy today

3] Grasim Industries: Buy around Rs1513, target Rs1540, stop loss Rs1480

4] Bharti Airtel: Buy around Rs681, target Rs705, stop loss Rs665

Anuj Gupta's shares to buy today

5] PC Jeweller: Buy at CMP, target Rs58, stop loss Rs42

6] eMudra: Buy at CMP, target Rs360, stop loss Rs305.