After showing an excellent upside recovery from the important support of 17,000 mark, Nifty 50 index failed to continue with follow-through upside move on Wednesday and closed the day lower by 69 points at 17,245 levels. BSE Sensex lost 304 points and closed at 57,684 levels whereas Nifty Bank index dipped 201 points and closed at 36,147 levels.

According to stock market experts, a long negative candle was formed on the daily chart after opening higher. Technically, this indicates a presence of strong resistance around 17,500 levels. However, the pattern of the last four sessions signal formation of alternative candle pattern of positive and negative, which ideally indicates a broader range movement around 17,400 to 17,000 levels.

Day trading guide for stock market today

Speaking on intraday trading strategy for Nifty and Bank Nifty today; Devarsh Vakil, Deputy Head — Retail Research at HDFC Securities said, "Nifty and Bank Nifty both are still holding above their 5 days EMA placed at 17,138 and 35,971 respectively. Traders should continue to hold long Nifty positions with 17,100 as stop loss."

Suggesting stock specific trade in current market scenario; Rahul Shah, Co-Head of Research at Equitymaster said, "Stocks are likely to remain range bound until some big news comes out of Ukraine crisis or on the inflation front in the US. Domestically, March quarter results will soon start having bearing on how the stock prices behave over the next few months. All in all, this seems to be a stock picker's market where focus should be on news and developments surrounding individual stocks rather than the entire market."

Asking traders to know important levels while taking any position in current market; Mehul Kothari, AVP — Technical Research at Anand Rathi Shares & Stock Brokers said, "Today's broader range of Nifty is placed between 17,150 to 17,450 levels whereas for high risk traders small range of Nifty is between 17,200 to 17,350 levels. Similarly, broader range of Nifty Bank index is placed between 35,800 to 36,500 while small range for Nifty Bank index is placed between 36,000 to 36,400 levels."

Day trading stocks for today

Sharing intraday stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Rohit Singre, AVP — Research at Bonanza Portfolio and Mehul Kothari of Anand Rathi Shares & Stock Brokers — recommended 7 stocks to buy today.

Sumeet Bagadia's day trading stocks to buy

1] Jindal Steel: Buy at CMP, target Rs525 to Rs530, stop loss Rs495

2] Colgate Palmolive or COLPAL: Buy at CMP, target Rs1560 to Rs1575, stop loss Rs1500

Mehul Kothari's day trading stock for today

3] Tata Steel: Buy at CMP, target Rs1381, stop loss Rs1300

Mudit Goel's stock of the day

4] Tata Chemicals or TATACHEM: Buy at CMP, target Rs980, stop loss Rs952

Rohit Singre's stocks to buy today

5] Mahindra Lifespace: Initiate momentum buy at CMP; target Rs350, stop loss Rs320

6] Indian Hotels: Buy at CMP, target Rs230, stop loss Rs210